The petitioner, Tata Steel Limited (TSL), challenged a notice and order issued by the revenue demanding tax and penalty for various assessment years, arguing that these demands relate to periods preceding the approval of a Resolution Plan (RP) under the Insolvency and Bankruptcy Code, 2016 (IBC), and are thus extinguished by the 'clean slate' principle.
Tata Steel Limited (TSL), formerly Bhushan Steel Ltd. (BSL), challenged a notice dated August 28, 2018 , issued under Section 221(1) of the Income Tax Act, 1961, and an order dated October 17, 2018, rejecting its objections. The notice demanded tax for Assessment Years (AYs) 2001-02, 2009-10, 2010-11, and 2013-14, totaling Rs. 257,80,81,038/-, and sought a response regarding penalty imposition. TSL argued that these demands, preceding the approval of its Resolution Plan (RP) by the National Company Law Tribunal (NCLT), were extinguished by the 'clean slate' principle under the Insolvency and Bankruptcy Code, 2016 (IBC). Insolvency proceedings against BSL were initiated by State Bank of India (SBI) under Section 7 of the 2016 Code, and the NCLT admitted the application
…Sign in to view the parties.
The Commissioner of Income Tax (Appeals)…
The Income Tax Appellate Tribunal dismissed…
The petitioner, Tata Steel Limited (TSL), challenged a notice and order issued by the revenue demanding tax and penalty for various assessment years, arguing that these demands relate to periods preceding the approval of a Resolution Plan (RP) under the Insolvency and Bankruptcy Code, 2016 (IBC), and are thus extinguished by the 'clean slate' principle.
Tata Steel Limited (TSL), formerly Bhushan Steel Ltd. (BSL), challenged a notice dated August 28, 2018 , issued under Section 221(1) of the Income Tax Act, 1961, and an order dated October 17, 2018, rejecting its objections. The notice demanded tax for Assessment Years (AYs) 2001-02, 2009-10, 2010-11, and 2013-14, totaling Rs. 257,80,81,038/-, and sought a response regarding penalty imposition. TSL argued that these demands, preceding the approval of its Resolution Plan (RP) by the National Company Law Tribunal (NCLT), were extinguished by the 'clean slate' principle under the Insolvency and Bankruptcy Code, 2016 (IBC). Insolvency proceedings against BSL were initiated by State Bank of India (SBI) under Section 7 of the 2016 Code, and the NCLT admitted the application
…The Commissioner of Income Tax (Appeals)…
The Income Tax Appellate Tribunal dismissed…