Bombay High Court Quashes Income Tax Notices Against Company Resolved Under IBC — Clean Slate Principle Applies to Past Tax Claims. The court held that once a resolution plan is approved under Section 31 of the IBC, the corporate debtor cannot be pursued for tax liabilities that arose prior to the CIRP, as the plan is binding on all stakeholders including the Income Tax Department....
The petitioners, Uttam Value Steels Ltd. (a company) and its director, challenged multiple notices and communications issued by the Income Tax Department under the Income-tax Act, 1961, after the comp...
