Income Tax Dues Not in Resolution Plan extinct upon Plan Approval: ITAT Nagpur

Murli Industries Ltd Vs DCIT (ITAT Nagpur) Introduction: In a significant ruling, the Income Tax Appellate Tribunal (ITAT) in Nagpur has delivered a judgment in the case of Murli Industries Ltd Vs Deputy Commissioner of Income Tax, providing crucial clarity on the treatment of income tax dues in the context of the Corporate Insolvency Resolution Process (CIRP). The appeals, arising from separate orders for the assessment years 2010-11, 2015-16, and 2016-17, address the critical issue of whether income tax dues claims can be considered extinguished upon the approval of a resolution plan if they...