ITAT Delhi Dismisses Tax Appeals as IBC Proceedings Override Income Tax Act

Mahagun (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) When IBC Rings the Bell, IT Act Must Exit – Insolvency Proceedings Override Tax Law – ITAT Delhi Both Mahagun (India) Pvt. Ltd. & the Revenue had filed cross-appeals before the Delhi ITAT concerning assessments for AYs 2014-15, 2015-16 & 2016-17. However, during the hearing, it was brought to the Tribunal’s attention that the National Company Law Tribunal (NCLT), New Delhi Bench, had on 05.08.2025, in case IB-112(ND)/2025 – IDBI Trusteeship Services Ltd. vs. Mahagun (India) Pvt. Ltd., admitted an application u/s 7 of the Insolv...