https://www.taxtmi.com/caselaws?id=767882 The ITAT Delhi held that income tax assessments against a company undergoing IBC proceedings should be quashed when the resolution plan approved by NCLT assigns NIL value to income tax dues. Under Section 31(1) of IBC, approved resolution plans are binding on all stakeholders including tax authorities. Since the department's dues were quantified at NIL in the resolution plan and no claims were adjudicated during resolution proceedings, the company should start with a clean slate under new management. The NFAC erred in dismissing appeals as non-maintainable rather than quashing the assessments. Appeals were allowed. en-us Fri, 21 Mar 2025 00:00:00 +0530 Thu, 27 Mar 2025 08:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767882 The ITAT Delhi held that income tax assessments against a company undergoing IBC proceedings should be quashed when the resolution plan approved by NCLT assigns NIL value to income tax dues. Under Section 31(1) of IBC, approved resolution plans are binding on all stakeholders including tax authorities. Since the department's dues were quantified at NIL in the resolution plan and no claims were adjudicated during resolution proceedings, the company should start with a clean slate under new management. The NFAC erred in dismissing appeals as non-maintainable rather than quashing the assessments. Appeals were allowed. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767882