https://www.taxtmi.com/caselaws?id=760557 The court quashed the notice under Section 263 of the Income Tax Act, ruling in favor of the petitioner. It held that all liabilities, including those of government authorities, were extinguished following the approval of the resolution plan under the Insolvency and Bankruptcy Code. The Deputy Commissioner's claim was verified and admitted, but the court emphasized that the resolution plan's approval nullified such claims, rendering the notice unjust and illegal. The decision was based on a Supreme Court ruling that extinguishes all liabilities post-approval of the resolution plan, thereby curtailing the respondent's powers in this context. en-us Tue, 01 Oct 2024 00:00:00 +0530 Tue, 22 Oct 2024 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760557 The court quashed the notice under Section 263 of the Income Tax Act, ruling in favor of the petitioner. It held that all liabilities, including those of government authorities, were extinguished following the approval of the resolution plan under the Insolvency and Bankruptcy Code. The Deputy Commissioner's claim was verified and admitted, but the court emphasized that the resolution plan's approval nullified such claims, rendering the notice unjust and illegal. The decision was based on a Supreme Court ruling that extinguishes all liabilities post-approval of the resolution plan, thereby curtailing the respondent's powers in this context. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760557