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Case Law Details

Case Name : Tata Steel Limited Vs DCIT (Delhi High Court)
Appeal Number : W.P.(C) 13188/2018
Date of Judgement/Order : 31/10/2023
Related Assessment Year :
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Tata Steel Limited Vs DCIT (Delhi High Court)

The case of Tata Steel Limited versus DCIT has brought to light a critical legal question – whether the provisions of the Insolvency and Bankruptcy Code (IBC) 2016 override those of the Income Tax Act 1961 when inconsistencies are found. In this article, we delve into the Delhi High Court’s perspective on this matter and examine the key factors and precedents involved.

Statement of Objects and Reasons:

One of the central arguments supporting the primacy of the IBC 2016 Code is found in the Statement of Objects and Reasons. This document clearly articulates the objectives behind the 2016 Code, including the consolidation and amendment of laws relating to reorganization and insolvency resolution. The intent was to ensure a time-bound resolution process, maximize asset value, promote entrepreneurship, facilitate credit access, and balance the interests of all stakeholders, even if it involved altering the priority of payments concerning government dues. This overarching objective underscores the need for the 2016 Code to make amendments to various statutes, including the 1961 Act.

The Preamble and Section 238:

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