https://www.taxtmi.com/caselaws?id=437409 The appeal filed by the Revenue against the penalty under section 271(1)(c) of the Income Tax Act was dismissed as infructuous. The Assessee did not appear as the company had gone into liquidation, with the Liquidation Authority represented by the Ld. AR. The Insolvency Resolution Process pending before NCLT took precedence, following court orders establishing that liquidation proceedings override revenue claims. The appeal and cross objection were deemed non-consequential, resulting in their dismissal based on the Insolvency and Bankruptcy Code, 2016, and prior court decisions in the case. en-us Wed, 03 May 2023 00:00:00 +0530 Thu, 04 May 2023 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437409 The appeal filed by the Revenue against the penalty under section 271(1)(c) of the Income Tax Act was dismissed as infructuous. The Assessee did not appear as the company had gone into liquidation, with the Liquidation Authority represented by the Ld. AR. The Insolvency Resolution Process pending before NCLT took precedence, following court orders establishing that liquidation proceedings override revenue claims. The appeal and cross objection were deemed non-consequential, resulting in their dismissal based on the Insolvency and Bankruptcy Code, 2016, and prior court decisions in the case. Case-Laws Income Tax Wed, 03 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437409