https://www.taxtmi.com/caselaws?id=312921 The ITAT allowed the appeal, quashing the PCIT's order under section 263 of the Income Tax Act, 1961, for the Assessment Year 2016-2017. The tribunal determined that the order was not maintainable due to the initiation of proceedings under section 7 of the Insolvency and Bankruptcy Code, 2016, which imposes a moratorium on legal actions post-NCLT order. Consequently, the assessment order under section 143(3) was upheld, and the PCIT's directive for reassessment was nullified. The tribunal noted that the AO could seek reinstitution of proceedings following the resolution process under the IBC 2016. en-us Tue, 27 Jul 2021 00:00:00 +0530 Fri, 15 Mar 2024 06:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312921 The ITAT allowed the appeal, quashing the PCIT's order under section 263 of the Income Tax Act, 1961, for the Assessment Year 2016-2017. The tribunal determined that the order was not maintainable due to the initiation of proceedings under section 7 of the Insolvency and Bankruptcy Code, 2016, which imposes a moratorium on legal actions post-NCLT order. Consequently, the assessment order under section 143(3) was upheld, and the PCIT's directive for reassessment was nullified. The tribunal noted that the AO could seek reinstitution of proceedings following the resolution process under the IBC 2016. Case-Laws Income Tax Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312921