https://www.taxtmi.com/highlights?id=85711 HC affirmed tax authority's adjustment of AY 2010-11 refund against pre-existing tax liabilities of corporate debtor. Resolution applicant's claim to refund rejected on dual grounds: first, the adjustment effectively reduced tax dues already considered in approved resolution plan; second, resolution applicant's rights commenced only from plan approval date (November 7, 2017), precluding claims to pre-resolution period tax refunds. Court determined resolution applicant could not assert rights over tax assessments and resultant refunds from AY 2010-11, as these predated their assumption of corporate debtor's management. Challenge to adjustment procedure dismissed despite notice argument. en-us Thu, 13 Feb 2025 08:36:21 +0530 Thu, 13 Feb 2025 08:36:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=85711 HC affirmed tax authority's adjustment of AY 2010-11 refund against pre-existing tax liabilities of corporate debtor. Resolution applicant's claim to refund rejected on dual grounds: first, the adjustment effectively reduced tax dues already considered in approved resolution plan; second, resolution applicant's rights commenced only from plan approval date (November 7, 2017), precluding claims to pre-resolution period tax refunds. Court determined resolution applicant could not assert rights over tax assessments and resultant refunds from AY 2010-11, as these predated their assumption of corporate debtor's management. Challenge to adjustment procedure dismissed despite notice argument. Highlights Income Tax Thu, 13 Feb 2025 08:36:21 +0530 https://www.taxtmi.com/highlights?id=85711