https://www.taxtmi.com/caselaws?id=434652 The Tribunal dismissed the appeal challenging the assessment by the Assessing Officer, upholding the higher income amount determined. The disallowance of expenditure on directors' children's education was also upheld. The Tribunal cited the overriding effect of the Insolvency and Bankruptcy Code (IBC) due to a moratorium on proceedings against the corporate debtor. The appeal was dismissed, with the possibility of seeking remedies post-moratorium or under specific circumstances for justice. The Tribunal emphasized adherence to IBC provisions and limitations on ongoing cases due to the NCLT judgment's impact. en-us Thu, 16 Feb 2023 00:00:00 +0530 Wed, 01 Mar 2023 08:18:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434652 The Tribunal dismissed the appeal challenging the assessment by the Assessing Officer, upholding the higher income amount determined. The disallowance of expenditure on directors' children's education was also upheld. The Tribunal cited the overriding effect of the Insolvency and Bankruptcy Code (IBC) due to a moratorium on proceedings against the corporate debtor. The appeal was dismissed, with the possibility of seeking remedies post-moratorium or under specific circumstances for justice. The Tribunal emphasized adherence to IBC provisions and limitations on ongoing cases due to the NCLT judgment's impact. Case-Laws Income Tax Thu, 16 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434652