https://www.taxtmi.com/caselaws?id=787335 Whether a tax department may unilaterally adjust TDS refunds against pre-existing tax demands was decided by reference to insolvency law: mutual credits and set-off are permitted only where mutual dealings are adjudicated within the liquidation process, and refunds form part of the liquidation estate to be realised and distributed under the Code and Regulations; absent the Department filing a claim and adjudication in liquidation, adjustment against an earlier assessment demand was impermissible, and the adjudicating authority's direction to refund the TDS to the liquidator was upheld and the appeal dismissed. en-us Tue, 24 Feb 2026 00:00:00 +0530 Mon, 02 Mar 2026 08:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787335 Whether a tax department may unilaterally adjust TDS refunds against pre-existing tax demands was decided by reference to insolvency law: mutual credits and set-off are permitted only where mutual dealings are adjudicated within the liquidation process, and refunds form part of the liquidation estate to be realised and distributed under the Code and Regulations; absent the Department filing a claim and adjudication in liquidation, adjustment against an earlier assessment demand was impermissible, and the adjudicating authority's direction to refund the TDS to the liquidator was upheld and the appeal dismissed. Case-Laws IBC Tue, 24 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787335