Extinguishment of pre-CIRP tax claims can prevent pending income-tax appeals where claims were excluded from insolvency proceedings.

Extinguishment of pre-CIRP tax claims can prevent pending income-tax appeals where claims were excluded from insolvency proceedings. https://www.taxtmi.com/highlights?id=105014 Pre-CIRP statutory income-tax claims not forming part of an approved resolution plan are treated as extinguished, preventing continuation of proceedings concerning those claims. This principle applies where a corporate debtor's successor entered the corporate insolvency resolution process, an approved resolution plan was not implemented, and liquidation followed. No material established admission of the Department's claims for the relevant assessment years in the resolution or liquidation proceedings; the connected Departmental appeals, assessee appeal, and cross-objection therefore did not survive. en-us Thu, 15 Oct 2026 05:44:05 +0530 Thu, 15 Oct 2026 05:44:08 +0530 TaxTMI RSS Generator Extinguishment of pre-CIRP tax claims can prevent pending income-tax appeals where claims were excluded from insolvency proceedings. https://www.taxtmi.com/highlights?id=105014 Pre-CIRP statutory income-tax claims not forming part of an approved resolution plan are treated as extinguished, preventing continuation of proceedings concerning those claims. This principle applies where a corporate debtor's successor entered the corporate insolvency resolution process, an approved resolution plan was not implemented, and liquidation followed. No material established admission of the Department's claims for the relevant assessment years in the resolution or liquidation proceedings; the connected Departmental appeals, assessee appeal, and cross-objection therefore did not survive. Highlights Income Tax Thu, 15 Oct 2026 05:44:05 +0530 https://www.taxtmi.com/highlights?id=105014