2026 (5) TMI 1786

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....venue : Ms. Amisha S. Gupt, CIT-D.R. ORDER PER NAVEEN CHANDRA, ACCOUNTANT MEMBER : The captioned appeal preferred by the Revenue is against the order of the learned Commissioner of Income Tax-29, New Delhi dated 23.12.2024 arising out of assessment order dated 28.09.2021 passed under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') by DCIT, Central Circle-....

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....of the corporate debtor, the assessee, as a going concern to Adani Infra India Ltd under the Insolvency proceedings. 4. In such factual matrix, we follow the ratio of the decision of the Hon'ble Supreme Court in υ. Edelweiss Asset Ghanashyam Mishra & Sons (P) Ltd. Reconstruction Co. Ltd., (2021) 9 SCC 657 which held as under: Conclusion 102.1. That once a resolutio....

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....on which the I&B Code has come into effect. 102.3. Consequently all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the adjudicating authority grants its approval under Section 3....