IBC Prevails Over Income-tax: ITAT Dismisses Revenue Appeals Post NCLT Plan

ACIT Vs Tecpro System Ltd. (ITAT Delhi) IBC Overrides Income-tax Proceedings: ITAT Dismisses Revenue Appeals After NCLT Approves Resolution Plan The Delhi ITAT dismissed the Revenue’s appeals for AYs 2011-12 and 2012-13 in the case of Tecpro System Ltd., holding that once insolvency proceedings are admitted and a resolution plan is approved by the NCLT under Section 31 of the Insolvency and Bankruptcy Code, parallel income-tax proceedings cannot continue. The Revenue had challenged the CIT(A)’s deletion of additions relating to alleged bogus expenses and undisclosed income. The Tribunal no...