ITAT Delhi quashes assessment on Company under Liquidation – IBC moratorium overrides Income Tax Proceedings

Hi Tech Grain Processing Private Limited-In Liquidation Vs DCIT (ITAT Delhi) ITAT Delhi quashes assessment on Company under Liquidation – IBC moratorium overrides Income Tax Proceedings Delhi ITAT quashed assessments framed against a company which was already under liquidation, holding that the moratorium & liquidation provisions contained in the Insolvency & Bankruptcy Code, 2016 override the Income Tax Act. Assessee had filed return of income for AY 2013-14 declaring total income of Rs.5.63 crore. Subsequently, the case was reopened u/s 147 on the basis of alleged accommodation ent...