ITAT Quashes Reassessment as Moratorium Under IBC Barred Fresh Tax Proceedings

Suchi Paper Mills Limited Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, allowed the assessee’s appeal and quashed reassessment proceedings initiated during the operation of a moratorium declared under the Insolvency and Bankruptcy Code, 2016 (IBC). The case arose from reassessment proceedings for Assessment Year 2019-20, wherein a notice under Section 148 of the Income Tax Act, 1961 was issued on 11.04.2023. The assessee submitted that the Corporate Insolvency Resolution Process (CIRP) had already commenced and the National Company Law Tribunal (NCLT), by order dated ...