In the event an assessee company is in liquidation under the IBC, the Income-tax Department can no longer claim a priority in respect of clearance of tax dues of the said company, as provided u/s 178(2) & (3) of the Income Tax Act, 1961- Leo Edibles & Fats Ltd Vs. The Tax Recovery Officer (Central), Income Tax Department, Hyderabad, & others-Hyderabad High Court

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WhatsApp Bulletin-26