https://www.taxtmi.com/caselaws?id=434115 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the addition under Section 68 of the Income Tax Act, 1961, by the CIT(A). It recognized the precedence of the Insolvency and Bankruptcy Code, 2016 (CIRP) over tax proceedings, emphasizing that tax liabilities cannot be enforced during liquidation. The Tribunal highlighted that the CIRP regulations take precedence over the Income Tax Act, 1961, and advised parties to seek remedies under the CIRP framework. en-us Wed, 11 Jan 2023 00:00:00 +0530 Fri, 17 Feb 2023 09:10:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434115 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the addition under Section 68 of the Income Tax Act, 1961, by the CIT(A). It recognized the precedence of the Insolvency and Bankruptcy Code, 2016 (CIRP) over tax proceedings, emphasizing that tax liabilities cannot be enforced during liquidation. The Tribunal highlighted that the CIRP regulations take precedence over the Income Tax Act, 1961, and advised parties to seek remedies under the CIRP framework. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434115