Held that where corporate insolvency proceedings under provisions of Insolvency and Bankruptcy Code, 2016 were pending against assessee, instant appeal filed by revenue could not be proceeded with during continuance of proceedings under Code. However depending upon results of such proceedings before Adjudicating Authority in respect of corporate debtor, appropriate steps, if any, might be taken by revenue. Followed, Ghanshyam Mishra & Sons (P) Ltd v. Edelweiss Asset Reconstruction Co Ltd (2021) 126 taxmann.com 132/ 166 SCL 237(SC), Murli Industries Ltd v. ACIT (2022) 441 ITR 8 (Bom)(HC). (AY. 2013-14)
ACIT v. MSM Steels (P.) Ltd. (2023) 199 ITD 232 (Pune) (Trib.)
S. 253 : Appellate Tribunal-Appeals-Pendency of corporate insolvency proceedings under provisions of Insolvency and Bankruptcy Code, 2016-Appeal cannot be proceeded with.[S. 254 (1), Insolvency and Bankruptcy Code, 2016, S. 13, 14]