Accordingly, the Central Board of Direct Taxes (“ CBDT ”) and all other relevant Governmental Authorities shall be directed to exempt the Successful Bidder and the CD from the applicability of and payment of all taxes under- the Income Tax Act, 1961 (including Section 115JB/ Section 56(2)(x) etc.) or Central Goods and Services Tax Act, 2017 pertaining to the period on or before the Acquisition Date. Any requirements to obtain waivers from any Tax Authorities including in terms of Section 79 and Section 115JB or any other applicable provisions of the Income Tax Act, 1961, shall be deemed to have been granted upon approval of these Terms of Implementation of Acquisition by the Adjudicating Authority. In addition, the requirement of affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner of the CD under Section 79 of the Income Tax Act, 1961, shall be deemed to have been fulfilled upon approval of these Terms of Implementation of Acquisition by the Adjudicating Authority. Further, the Successful Bidder shall be allowed to carry forward business losses and capital losses and the unabsorbed depreciation, after taking over the CD under Income Tax Act. 1961 and the jurisdictional Principal Commissioner or Commissioner shall provide necessary reliefs. The Successful Bidder shall be allowed to utilize MAT credit available under Income Tax Act, input credit available under the Applicable Law and relevant Government Authority shall provide relief as to said effect”
