Assessee had been impleaded as corporate debtor before NCLT by financial creditor which had been admitted by NCLT. In view of section 14 IBC, there could be no continuation of any pending proceedings before Income-tax Appellate Tribunal. Appeal of revenue is be dismissed as not maintainable. (AY. 2017-18)
DCIT v. Sumeet Industries Ltd. (2023) 201 ITD 154 (Surat) (Trib.)
S. 253 : Appellate Tribunal-Appeals-Impleaded as corporate debtor before NCLT by financial creditor-Petition is admitted-Pending proceedings before ITAT cannot be continued-Provisions of IBC would prevail over Income-tax Act.[S. 254(1), Insolvency and Bankruptcy Code, 2016, S. 4, 31, 238]