https://www.taxtmi.com/caselaws?id=406363 The Supreme Court acknowledged the financial unviability of the respondent company undergoing liquidation proceedings. Despite potential success in the appeal, the Official Liquidator's inability to pay taxes led the Court to dismiss the appeal, keeping the legal question open for future cases. The Court recognized the overriding effect of the Insolvency and Bankruptcy Code, emphasizing its precedence over conflicting provisions in other laws like the Income-tax Act. Consequently, all claims, including tax liabilities, would be handled by the Official Liquidator under the Code's provisions. The appeal was withdrawn by the assessee, rendering it moot due to the company's liquidation status. en-us Wed, 17 Mar 2021 00:00:00 +0530 Tue, 13 Apr 2021 08:58:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406363 The Supreme Court acknowledged the financial unviability of the respondent company undergoing liquidation proceedings. Despite potential success in the appeal, the Official Liquidator's inability to pay taxes led the Court to dismiss the appeal, keeping the legal question open for future cases. The Court recognized the overriding effect of the Insolvency and Bankruptcy Code, emphasizing its precedence over conflicting provisions in other laws like the Income-tax Act. Consequently, all claims, including tax liabilities, would be handled by the Official Liquidator under the Code's provisions. The appeal was withdrawn by the assessee, rendering it moot due to the company's liquidation status. Case-Laws Income Tax Wed, 17 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406363