Revision u/s 263 - contention raised by the assessee was that ...

Corporate Insolvency Resolution Process Triggers Stay on Proceedings; Assessment Order Set Aside by NCLT Moratorium.

May 21, 2022

Case Laws     Income Tax     HC

Revision u/s 263 - contention raised by the assessee was that the proceedings are liable to be stayed since the assessee has been admitted for Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) and presently the assessee is under moratorium by orders of the National Company Law Tribunal (NCLT) - the appeal is allowed. The assessment order is set aside and the matter is restored to the file of the assessing officer and the matter shall be kept in abeyance till the completion of the IRP - HC

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