Section 31(1) of IBC, 2016, has overriding effect vis-à-vis Income Tax Act, 1961

Oasis Textiles Ltd. Vs DCIT (ITAT Ahmedabad) If we examine the facts of the case on hand, assessment year involved is 2015-16, and the AO has passed the assessment order on 27.12.2017, and the appellate order thereupon was passed on 27.12.2018. While NCLT has passed Resolution plan on 22.11.2017, and in the absence of any Resolution Plan, it was ordered to be liquidated vide order dated 22.11.2017. On completion of liquidation process, assessee-company was dissolved by the NCLT vide order dated 30.6.2020. The claim of the Department was prior to the date of Resolution Plan approved by the NCLT...