Calcutta High Court re-affirmed that resolution plan approved under the IBC extinguishes pre-transfer tax-claims and quashed fresh proceedings against the Assessee
Calcutta High Court quashes notices proposing fresh income-tax proceedings against the Assessee, being a successful resolution applicant in respect of Binani Cement Ltd. under the IBC, for a period prior to transfer date i.e., up to AY 2019-20, holding the same to be arbitrary, illegal and unsustainable.