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IBC Prevails Over Income-tax: ITAT Dismisses Revenue Appeals Post NCLT Plan
Case Law Details
- Case Name
- ACIT Vs Tecpro System Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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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...
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