SC Dismisses Appeals as Income Tax Department Failed to File Claim in CIRP

CIT-7 Vs Pancard Clubs Limited (Supreme Court of India) The Supreme Court dismissed the Civil Appeals and Special Leave Petitions filed by the Revenue after noting that, for the assessment years involved, the Department had not lodged any claim during the Corporate Insolvency Resolution Process (CIRP) concerning the assessee. It was brought to the Court’s attention that the resolution plan had already been approved on 25 April 2024 and was under implementation. Taking note of this factual position, the Court followed its earlier decision in Ghanashyam Mishra and Sons Private Limited v. E...