https://www.taxtmi.com/caselaws?id=762799 The ITAT Ahmedabad held that an assessment order against an insolvent company was invalid. The Insolvency Resolution Professional had informed the assessing officer about the NCLT order commencing Corporate Insolvency Resolution Process in February 2021, but the Income Tax Department failed to file any claim before NCLT, unlike the State VAT and GST Departments. Following Gujarat HC precedent, the tribunal ruled that initiating revision proceedings after approval of a resolution plan violates statutory provisions and quashed the assessment proceedings. en-us Wed, 04 Dec 2024 00:00:00 +0530 Fri, 06 Dec 2024 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762799 The ITAT Ahmedabad held that an assessment order against an insolvent company was invalid. The Insolvency Resolution Professional had informed the assessing officer about the NCLT order commencing Corporate Insolvency Resolution Process in February 2021, but the Income Tax Department failed to file any claim before NCLT, unlike the State VAT and GST Departments. Following Gujarat HC precedent, the tribunal ruled that initiating revision proceedings after approval of a resolution plan violates statutory provisions and quashed the assessment proceedings. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762799