NEW DELHI: Industry body Assocham today sought from the government slew of tax relief for companies against whom insolvency proceedings have been initiated.
“Where any outstanding liability, inclusive of any accrued interest is waived in accordance with the approved Resolution Plan, such waiver/write-back should not be subject to tax under both normal and Minimum Alternate Tax (MAT) provisions of the Income-tax Act, 1961,” Assocham said in a letter to Central Board of Direct Taxes (CBDT).
The chamber has also sought exemption from Section 50CA of the I-T Act for the companies which are being revived under the Insolvency and Bankruptcy Code (IBC).
This section provides that the computation of capital gains would be done on the basi…
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