https://www.taxtmi.com/caselaws?id=760393 The ITAT Kolkata dismissed an appeal filed by the assessee as infructuous following approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016. The Tribunal held that Section 238 of IBC gives it overriding effect over other laws, making pending appellate proceedings invalid after NCLT approval of the resolution plan. The AO lacks jurisdiction to reopen assessments post-resolution plan approval. Only claims as per the approved plan can be recovered, while the successful resolution applicant may pursue actionable claims including refunds favoring the corporate debtor. en-us Thu, 03 Oct 2024 00:00:00 +0530 Sat, 19 Oct 2024 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760393 The ITAT Kolkata dismissed an appeal filed by the assessee as infructuous following approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016. The Tribunal held that Section 238 of IBC gives it overriding effect over other laws, making pending appellate proceedings invalid after NCLT approval of the resolution plan. The AO lacks jurisdiction to reopen assessments post-resolution plan approval. Only claims as per the approved plan can be recovered, while the successful resolution applicant may pursue actionable claims including refunds favoring the corporate debtor. Case-Laws Income Tax Thu, 03 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760393