https://www.taxtmi.com/caselaws?id=308402 The Appellate Tribunal dismissed the revenue's appeal against the Commissioner of Income Tax (Appeals) order for A.Y 2010-11, noting the pending Corporate Insolvency Resolution Proceedings against the assessee. Referring to the Insolvency and Bankruptcy Code, 2016, and the Supreme Court's decision in Ghanashyam Mishra And Sons vs Edelweiss Asset Reconstruction, the Tribunal held that once a resolution plan is approved, claims are frozen and binding on the Corporate Debtor. The Tribunal emphasized the prohibition on continuing pending proceedings during CIRP and dismissed the appeal, with the possibility of restoration based on the CIRP outcome. en-us Mon, 16 Jan 2023 00:00:00 +0530 Thu, 22 Jun 2023 19:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308402 The Appellate Tribunal dismissed the revenue's appeal against the Commissioner of Income Tax (Appeals) order for A.Y 2010-11, noting the pending Corporate Insolvency Resolution Proceedings against the assessee. Referring to the Insolvency and Bankruptcy Code, 2016, and the Supreme Court's decision in Ghanashyam Mishra And Sons vs Edelweiss Asset Reconstruction, the Tribunal held that once a resolution plan is approved, claims are frozen and binding on the Corporate Debtor. The Tribunal emphasized the prohibition on continuing pending proceedings during CIRP and dismissed the appeal, with the possibility of restoration based on the CIRP outcome. Case-Laws Income Tax Mon, 16 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308402