ITAT Partially Allows Dissolved Company's Appeal; Case Remanded to AO for Penalty Review Post-NCLT Resolution Plan Approval.

ITAT partly allowed assessee's appeals and remanded matter to AO to take necessary steps u/s 156A regarding penalty u/s 271(1)(c) against dissolved company. NCLT had approved resolution plan and granted moratorium under IBC. As per Section 14, after moratorium, pending proceedings against corporate debtor are prohibited. Relying on Supreme Court's decision, ITAT held once resolution plan is approved, claims get frozen and are binding on all stakeholders including government authorities. Since resolution plan was yet to be finalized, matter was remanded to AO. .....

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