https://www.taxtmi.com/caselaws?id=763409 The Allahabad HC quashed an assessment order passed under Section 144 read with Section 144B of the Income Tax Act after approval of a resolution plan under the Insolvency and Bankruptcy Code. The court held that the Income Tax Department was aware of IBC proceedings as they had filed claims before the Resolution Professional. The court ruled that resolution applicants cannot be burdened with new claims after plan approval, as this would violate the Code's moratorium provisions and fundamental principle of providing a fresh start to successful applicants. en-us Wed, 11 Dec 2024 00:00:00 +0530 Thu, 19 Dec 2024 08:47:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763409 The Allahabad HC quashed an assessment order passed under Section 144 read with Section 144B of the Income Tax Act after approval of a resolution plan under the Insolvency and Bankruptcy Code. The court held that the Income Tax Department was aware of IBC proceedings as they had filed claims before the Resolution Professional. The court ruled that resolution applicants cannot be burdened with new claims after plan approval, as this would violate the Code's moratorium provisions and fundamental principle of providing a fresh start to successful applicants. Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763409