Assessee-company underwent a CIRP in terms of IBC. Subsequently, Assessing Officer resorted to reopening assessment and made additions under section 68 on account of unexplained cash credits representing bogus purchases. CIT(A) enhanced the addition by invoking the provisions of section 69C instead of those of S.68 as invoked by the Assessing Officer.  Tribunal held  any claim or demand assessed or raised or ordered by Income Tax Department would be in nature of operational debt and revenue would be treated as an operational creditor of assessee-company.   By virtue of provisions of section 238 of IBC, 2016 once resolution plan is approved by Adjudicating Authority, it shall be binding on corporate debtor and its creditors, which include Central Government under any law for time being in force and also on authorities to whom statutory dues are owed-Held, yes-Whether provisions of IBC, 2016 shall override other contemporaneous laws, including Income-tax Act, 1961, in so far as regards anything inconsistent in Code, contained therein. By virtue of provisions of section 238 of IBC, 2016, Income-tax Department would be bound by terms of resolution plan, as approved by NCLT, and it cannot undertake any action with respect to any issue/transaction prior to date of commencement of insolvency process. Assessing Officer could not make addition on account of alleged unexplained cash credits representing bogus purchases made by assessee-company for a period prior to approval of Resolution Plan by NCLT and reassessment order is set aside. (AY. 2011-12)