9911796707
TMI BlogThe provisions of the IBC 2016 would prevail over the Income Tax Act 1961. Income Tax authorities have...The provisions of the IBC 2016 would prevail over the Income Tax Act 1961. Income Tax authorities have limited jurisdiction to assess/determine the quantum of Income Tax dues but have no authority to initiate recovery of such dues during the moratorium period under IBC. Income Tax Authorities are like creditors and may stake their claim before the liquidator or adjudicatory authority within the statutory limitation period under the waterfall mechanism of IBC. However, they are not barred from determining the tax dues for staking claims. CIT(A) erred in not adjudicating the issue on merit regarding determination of tax dues, despite the pendency of liquidation process. The case deserves to be restored to CIT(A) for disposal on merits. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
