Calcutta HC Dismisses Income Tax Appeal Due to Insolvency Moratorium

PCIT Vs Subhlabh Steels Private Limited (Calcutta High Court) Calcutta High Court has dismissed an appeal filed by the Income Tax Department against Subhlabh Steels Pvt. Ltd., citing the ongoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. The Revenue had challenged an order of the Income Tax Appellate Tribunal (ITAT), Kolkata, which had set aside a Section 263 order passed by the Principal Commissioner of Income Tax (PCIT). The case pertained to the Assessment Year 2013-14, where the PCIT had sought to revise the Assessing Officer’s (AO) order on the grounds ...