https://www.taxtmi.com/caselaws?id=459241 ITAT Nagpur dismissed a revenue appeal against an insolvent company, holding that assessment proceedings cannot continue once corporate insolvency resolution proceedings commence under sections 7, 9, or 10 of the Insolvency Code. Following SC precedent in Ghanashyam Mishra And Sons and Bombay HC decision in Murli Industries Limited, the tribunal ruled that claims not included in an approved resolution plan stand extinguished and no proceedings can be initiated or continued regarding such claims. The appeal was dismissed in limine with leave granted to restore if necessitated by adjudicating authority orders. en-us Thu, 05 Oct 2023 00:00:00 +0530 Thu, 05 Dec 2024 17:57:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459241 ITAT Nagpur dismissed a revenue appeal against an insolvent company, holding that assessment proceedings cannot continue once corporate insolvency resolution proceedings commence under sections 7, 9, or 10 of the Insolvency Code. Following SC precedent in Ghanashyam Mishra And Sons and Bombay HC decision in Murli Industries Limited, the tribunal ruled that claims not included in an approved resolution plan stand extinguished and no proceedings can be initiated or continued regarding such claims. The appeal was dismissed in limine with leave granted to restore if necessitated by adjudicating authority orders. Case-Laws Income Tax Thu, 05 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459241