https://www.taxtmi.com/caselaws?id=758182 Bombay HC quashed income tax proceedings against a company that underwent resolution under the Insolvency and Bankruptcy Code, 2016. The court held that once a resolution plan is approved under Section 31(1) of IBC, only debts specified in the plan remain payable, and all other dues stand extinguished. Tax authorities cannot initiate or continue proceedings for claims relating to the pre-resolution period, regardless of when liabilities crystallize. The court relied on Ghanshyam Mishra and Alok Industries precedents, ruling that the company operates on a clean slate under new ownership post-resolution. en-us Wed, 28 Aug 2024 00:00:00 +0530 Sat, 07 Sep 2024 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758182 Bombay HC quashed income tax proceedings against a company that underwent resolution under the Insolvency and Bankruptcy Code, 2016. The court held that once a resolution plan is approved under Section 31(1) of IBC, only debts specified in the plan remain payable, and all other dues stand extinguished. Tax authorities cannot initiate or continue proceedings for claims relating to the pre-resolution period, regardless of when liabilities crystallize. The court relied on Ghanshyam Mishra and Alok Industries precedents, ruling that the company operates on a clean slate under new ownership post-resolution. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758182