Pre-Resolution Income Tax Claims Extinguished Under Approved NCLT Plan: ITAT Chennai

Orchid Pharma Ltd. Vs DCIT (ITAT Chennai) ITAT Deletes Income Tax Additions Because NCLT Resolution Plan Extinguished Prior Claims; Tax Demands Prior to Insolvency Resolution Date Cannot Survive; Income Tax Additions Cannot Continue After Approved Insolvency Resolution Plan; ITAT Chennai Rejects Revenue Stand on Carry Forward Losses After Insolvency Resolution Approval. The Income Tax Appellate Tribunal (ITAT), Chennai, decided cross appeals filed by the assessee and the Revenue against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2015-16. The assessee had filed it...