https://www.taxtmi.com/caselaws?id=756984 ITAT Kolkata dismissed Revenue's appeals against a company under liquidation proceedings. The tribunal held that once NCLT appointed an official liquidator, the company became defunct and the liquidator stepped into its shoes. Section 178(6) of IBC 2016 provides overriding effect, preventing parallel proceedings when a company is in liquidation. The reassessment proceedings could not continue alongside IBC proceedings. Appeals were dismissed with liberty to the official liquidator to recall the order when circumstances warrant. en-us Fri, 09 Aug 2024 00:00:00 +0530 Tue, 13 Aug 2024 07:07:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756984 ITAT Kolkata dismissed Revenue's appeals against a company under liquidation proceedings. The tribunal held that once NCLT appointed an official liquidator, the company became defunct and the liquidator stepped into its shoes. Section 178(6) of IBC 2016 provides overriding effect, preventing parallel proceedings when a company is in liquidation. The reassessment proceedings could not continue alongside IBC proceedings. Appeals were dismissed with liberty to the official liquidator to recall the order when circumstances warrant. Case-Laws Income Tax Fri, 09 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756984