HC quashes Income Tax reassessment Post IBC plan, Clean Slate Policy: Case of Surya Manufacturing Private Limited vs ACIT, HC Delhi Judgement Dated 24th April 2025. High Court has quashed the reassessment order and notice issued by the Income Tax Department against Surya Manufacturing Private Limited. The court’s decision reinforces the “Clean Slate Theory” in the context of the Insolvency and Bankruptcy Code (IBC), holding that once a resolution plan is approved, pre-existing liabilities not included in the plan are extinguished.