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2 clusters · 3 sources · 13 days · First seen · Last updated
Gauhati High Court tax litigation rulings
Overview
The Gauhati High Court ruled in favor of Meghalaya Infratech Limited, quashing assessment orders and demand notices issued by the Income Tax Department for the assessment years 2011–12 and 2016–17.
The court applied the ‘clean slate principle,’ determining that the Income Tax Department cannot recover dues that were not included in an insolvency resolution plan approved by the National Company Law Tribunal and upheld by the Supreme Court. The ruling emphasized that under Section 31 of the Insolvency and Bankruptcy Code, an approved plan is binding on the Central Government and all stakeholders, meaning the discovery of alleged bogus transactions or under-assessments cannot justify belated claims outside the scope of the approved plan.
Entities
Gauhati High Court · Income Tax Department · Meghalaya Infratech Limited · National Company Law Tribunal · Allahabad Bank
Timeline
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[BUSINESS] 2 sourcesGauhati High Court quashes tax proceedings against Meghalaya Infratech
The Gauhati High Court ruled that the Income Tax Department cannot pursue tax demands from periods preceding an NCLT-approved insolvency resolution plan, reinforcing the IBC ‘clean slate principle’.
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[BUSINESS] 2 sourcesGauhati High Court rejects GST notice quashing for Jorhat company
The Gauhati High Court dismissed a writ appeal by a Jorhat-based company seeking to quash a GST notice for Rs 27.25 lakh in disputed input tax credit.
Sources
lawchakra.in · taxguru.in · thetaxtalk.com