Assessee-company, engaged in the business of Railway Siding Utilization Activity, filed return of income. The Assessing Officer completed assessment after making various additions. The Commissioner (Appeals) confirmed the additions. On appeal before the Tribunal the assessee raised additional ground and submitted that in the light of the order of the National Company Law Tribunal and peculiar facts of the case, the Tribunal would ascertain that realisable tax liability of assessee for the assessment year under consideration, i.e., assessment year 2010-11 as Nil. The order passed by the National Company Law Tribunal under section 31 of the Insolvency and Bankruptcy Code, 2016 has overriding effect over anything inconsistent contained in the Income-tax Act and it shall be binding on all the respective entities including other stakeholders, which include Central Government, State Government and other Local Bodies. Since the present appeal involving assessment year 2010-11 relates to the period prior to the acquisition of control by the Resolution Applicant over the assessee-company pursuant to this plan, all dues under the provisions of the Income-tax Act, 1961 including taxes, duty, penalties, interest fines, cesses, etc. shall stand extinguished by virtue of the order of the National Company Law Tribunal and all proceedings including the appellate proceedings pending on the date of the order of the National Company Law Tribunal including the present proceedings relating to the prior period to the date of order shall stand extinguished and all consequential liabilities, if any, should be deleted and should be considered to be not payable by the company. In the light of the order of the National Company Law Tribunal (NCLT) dated 12-2-2018 passed in assessee’s case, it would be fit to restore the case for the assessment year under consideration to Assessing Officer for taking necessary action in accordance with law.