No S.263 Notice after Resolution Plan Approval on Extinguishment of Corporate Debtor’s Tax Liabilities: Gujarat HC [Read Order]

In the instant case, the Resolution Plan provided for the waiver and extinguishment of all unassessed/assessed tax liabilities for the period prior to the approval from NCLT
By Avinash Kurungot - On April 2, 2025 3:16 pm - 2 mins read
ujarat HC Tax Ruling - S.263 Notice IBC - Corporate Debtor Tax Relief - taxscan

The Gujarat High Court recently ruled that the Principal Commissioner of Income Tax (PCIT) could not issue a notice under Section 263 of the Income Tax Act, 1961 to revise the assessment order of an assessee once the Corporate Insolvency Resolution Plan (CIRP) is approved, which extinguishes all prior tax liabilities. AMW Auto, engaged in…

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