https://www.taxtmi.com/caselaws?id=775250 The SC dismissed a special leave petition challenging a HC decision that quashed reassessment proceedings initiated against a company that had undergone corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The HC held that reassessment proceedings predating the CIRP and relating to the period prior to approval of the resolution plan stand extinguished, as the company had completely changed hands and began operations under new ownership and management on a clean slate. The HC quashed all notices and communications issued by the revenue department in connection with the reassessment proceedings. The SC upheld this decision, ruling that initiation and continuation of proceedings relating to the pre-resolution plan period cannot be pursued, thereby confirming the clean slate principle for companies emerging from successful insolvency resolution. en-us Fri, 18 Jul 2025 00:00:00 +0530 Tue, 22 Jul 2025 08:25:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775250 The SC dismissed a special leave petition challenging a HC decision that quashed reassessment proceedings initiated against a company that had undergone corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The HC held that reassessment proceedings predating the CIRP and relating to the period prior to approval of the resolution plan stand extinguished, as the company had completely changed hands and began operations under new ownership and management on a clean slate. The HC quashed all notices and communications issued by the revenue department in connection with the reassessment proceedings. The SC upheld this decision, ruling that initiation and continuation of proceedings relating to the pre-resolution plan period cannot be pursued, thereby confirming the clean slate principle for companies emerging from successful insolvency resolution. Case-Laws Income Tax Fri, 18 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775250