https://www.taxtmi.com/caselaws?id=799152 The clean slate principle applicable to a corporate debtor acquired as a going concern in liquidation extinguishes past liabilities and investigations, preventing their imposition on the purchaser. Reassessment for alleged cessation of interest liability cannot rest on conjecture that interest was claimed as a deduction where records show no such claim after the account became a non-performing asset. The same alleged cessation cannot be repeatedly subjected to reassessment for earlier and later assessment years. Failure to address the clean slate defence and relevant statutory records rendered the reassessment notice and order invalid and liable to be quashed. en-us Tue, 08 Sep 2026 00:00:00 +0530 Thu, 17 Sep 2026 07:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799152 The clean slate principle applicable to a corporate debtor acquired as a going concern in liquidation extinguishes past liabilities and investigations, preventing their imposition on the purchaser. Reassessment for alleged cessation of interest liability cannot rest on conjecture that interest was claimed as a deduction where records show no such claim after the account became a non-performing asset. The same alleged cessation cannot be repeatedly subjected to reassessment for earlier and later assessment years. Failure to address the clean slate defence and relevant statutory records rendered the reassessment notice and order invalid and liable to be quashed. Case-Laws Income Tax Tue, 08 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799152