Once Corporate Debtor is Sold as Going Concern, Only Claims Filed before Liquidator Survive: ITAT...

The ITAT has ruled that once a "corporate debtor is sold as a going concern," only the "claims filed before the liquidator survive," and has directed the AO to "re-examine the matter in light of the SC ruling." This decision provides a crucial victory for the taxpayer, acknowledging that not all cash deposits during the demonetization period were from unexplained sources. The ruling, a significant victory for the company, reinforces the principle of legal certainty and predictability in tax matters. The court's decision is a crucial reminder to all that they must be diligent in their dealings.