https://www.taxtmi.com/caselaws?id=450873 ITAT Kolkata dismissed proceedings against a company undergoing corporate insolvency resolution process (CIRP) under IBC. The tribunal held that Section 14 of IBC prohibits continuation of income tax proceedings during moratorium period, and Section 31 makes approved resolution plans binding, extinguishing claims not included in the plan. Citing SC precedent in Ghanashyam Mishra, the tribunal ruled that IBC has overriding effect over Income Tax Act per Section 178(6). The appeal was dismissed with liberty to restore if necessitated by adjudicating authority orders, with limitation period excluding moratorium duration per SC ruling in NDMC v. Minosha. en-us Mon, 19 Feb 2024 00:00:00 +0530 Mon, 10 Jun 2024 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450873 ITAT Kolkata dismissed proceedings against a company undergoing corporate insolvency resolution process (CIRP) under IBC. The tribunal held that Section 14 of IBC prohibits continuation of income tax proceedings during moratorium period, and Section 31 makes approved resolution plans binding, extinguishing claims not included in the plan. Citing SC precedent in Ghanashyam Mishra, the tribunal ruled that IBC has overriding effect over Income Tax Act per Section 178(6). The appeal was dismissed with liberty to restore if necessitated by adjudicating authority orders, with limitation period excluding moratorium duration per SC ruling in NDMC v. Minosha. Case-Laws Income Tax Mon, 19 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450873