https://www.taxtmi.com/caselaws?id=780517 The HC quashed income-tax proceedings against the corporate debtor for periods prior to the Resolution Plan's implementation date (6 May 2023), holding that the approved plan barred initiation or continuation of such proceedings. Relying on the SC precedent in Ghanshyam Mishra and recent HC decisions, the court held Revenue could not examine carry-forward losses where the Principal Commissioner received notice under s.79(2)(c) and made no submissions before NCLT approval; denial of carry-forward losses was impermissible as those losses would have factored into the Resolution Applicant's proposal. en-us Fri, 17 Oct 2025 00:00:00 +0530 Fri, 31 Oct 2025 08:23:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780517 The HC quashed income-tax proceedings against the corporate debtor for periods prior to the Resolution Plan's implementation date (6 May 2023), holding that the approved plan barred initiation or continuation of such proceedings. Relying on the SC precedent in Ghanshyam Mishra and recent HC decisions, the court held Revenue could not examine carry-forward losses where the Principal Commissioner received notice under s.79(2)(c) and made no submissions before NCLT approval; denial of carry-forward losses was impermissible as those losses would have factored into the Resolution Applicant's proposal. Case-Laws Income Tax Fri, 17 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780517