https://www.taxtmi.com/caselaws?id=755283 ITAT Mumbai held that IBC 2016 provisions prevail over Income Tax Act 1961 following statutory amendment and SC precedent in Sundaresh Bhatt case. Income tax authorities have limited jurisdiction to assess/determine tax dues during moratorium but cannot initiate recovery proceedings, functioning as creditors who must stake claims before liquidator within statutory limitations under IBC's waterfall mechanism. CIT(A) erred in not adjudicating the matter on merits merely due to pending liquidation proceedings, particularly when liquidator was pursuing the appeal. Case remanded to CIT(A) for disposal on merits. en-us Fri, 05 Jul 2024 00:00:00 +0530 Tue, 09 Jul 2024 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755283 ITAT Mumbai held that IBC 2016 provisions prevail over Income Tax Act 1961 following statutory amendment and SC precedent in Sundaresh Bhatt case. Income tax authorities have limited jurisdiction to assess/determine tax dues during moratorium but cannot initiate recovery proceedings, functioning as creditors who must stake claims before liquidator within statutory limitations under IBC's waterfall mechanism. CIT(A) erred in not adjudicating the matter on merits merely due to pending liquidation proceedings, particularly when liquidator was pursuing the appeal. Case remanded to CIT(A) for disposal on merits. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755283