IBC has overriding effect on the Income Tax Act which has been specifically provided under Section 178(6) of the Income Tax Act as amended w.e.f. 01.11.2016 – ACIT Vs. ABW Infrastructure Ltd. – ITAT Delhi

ITAT held that in view of the CIRP, no proceedings can be initiated against the corporate debtor, i.e., assessee company including the present proceedings before this Tribunal, or the income tax proceedings and recovery of demand or giving effect of any order. It is well settled now that, IBC has overriding affect on all the acts including Income Tax Act which has been specifically provided u/s 178(6) of the I.T. Act as amended w.e.f. 01.11.2016. In view of moratorium declared by NCLT, all the proceedings in the Court of Law, Tribunal etc. cannot continue in view of Amendment to Section 178(6) of the Act, therefore, no useful purpose is going to be served in continuing the present proceedings.

IBC has overriding effect on the Income Tax Act which has been specifically provided under Section 178(6) of the Income Tax Act as amended w.e.f. 01.11.2016 – ACIT Vs. ABW Infrastructure Ltd. – ITAT Delhi Read Post »