ITAT Dismisses Appeal, Affirms IBC's Supremacy Over Income Tax Act in Corporate Insolvency Cases.

Assessment against company dissolved/insolvent - This case revolved around an appeal against the order of the CIT(A) by an assessee undergoing Corporate Insolvency Resolution Process under the IBC, 2016. The ITAT Kolkata dismissed the appeal as infructuous, acknowledging the ongoing CIRP and its implications on income tax proceedings. The tribunal highlighted the overriding effect of the IBC over other laws, including the Income Tax Act, and noted the binding nature of an approved resolution plan on all stakeholders, including tax authorities. .....

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