Claim not forming part of resolution plan stands extinguished: ITAT Hyderabad

DCIT Vs RVR Enterprises (ITAT Hyderabad) ITAT Hyderabad held that once the resolution plan is approved by the NCLT and the Company has been sold on going concern basis, whatever claims made before the Liquidator is final and all past or existing liabilities shall extinguish. Accordingly, matter restored back to re-examine claim made before liquidator. Facts- The assessment of the assessee was completed u/sec.143(3) of the Act on 31.12.2019 and determined the total income of the appellant company at Rs.11,76,72,980/- by making addition towards disallowance of retention money written off; additi...