Refund of Past Tax Not Allowable After Resolution Plan Sanction: Orissa HC

Sree Metaliks Limited Vs Director General of Income Tax (Orissa High Court) Cuttack: In a significant ruling, the Orissa High Court has held that a tax refund pertaining to a period prior to the approval of a resolution plan under the Insolvency and Bankruptcy Code (IBC), 2016, cannot be claimed by the successful resolution applicant and can be adjusted by the tax authorities against old tax dues that were considered during the insolvency resolution process. The judgment came in the case of Sree Metaliks Limited against the Director General of Income Tax. The petitioner, Sree Metaliks Limited,...