Parallel Income Tax Proceedings Barred After Insolvency Resolution Approval: ITAT Delhi

ACIT Vs Tecpro System Ltd (ITAT Delhi) The Income Tax Appellate Tribunal dismissed two appeals filed by the Revenue for assessment years 2011–12 and 2012–13 against an order of the Commissioner (Appeals), which had deleted additions relating to alleged bogus expenses and, for one year, undisclosed income. The assessee did not appear, and the Tribunal proceeded ex parte after hearing the Departmental Representative. During arguments, the Revenue pointed out that the National Company Law Tribunal (NCLT) had approved a resolution plan against the assessee on 15.05.2019 under Section 31 of the...