IBC Overrides Income Tax Act: Calcutta HC Affirms IBC’s Supremacy

Srei Equipment Finance Limited Vs Assessment Unit/Verification Unit/ Technical Unit/Income Tax Department & Ors. (Calcutta High Court) The Calcutta High Court has set aside an interim order by a Single Bench and quashed reassessment proceedings initiated by the Income Tax Department against Srei Equipment Finance Limited for assessment years 2016-17 and 2019-20. The High Court ruled that provisions of the Insolvency and Bankruptcy Code (IBC), 2016, override those of the Income Tax Act, 1961, especially once a resolution plan has been approved by the National Company Law Tribunal (NCLT). Sr...