Resolution plan filed by the corporate debtors has been approved by the COC under the provision of section 31(1) of the IBC, 2016

Last updated: 06 March 2021
Quick Summary
The Income Tax Appellate Tribunal has dismissed an appeal filed by the revenue. This decision follows the National Company Law Tribunal's (NCLT) approval of a resolution plan for the corporate debtor under Section 31(1) of the Insolvency and Bankruptcy Code, 2016. The approved plan includes a waiver of all statutory dues, including those related to income tax, effectively settling all past, present, and future liabilities with the Income Tax Department at 'NIL Value'. The tribunal noted the overriding nature of the IBC, 2016, as confirmed by the Supreme Court.

Court :
ITAT Kolkata

Brief :
 The appeal preferred by the revenue and the Cross Objection preferred by the assessee are against the order of Ld. CIT(A)-1, Kolkata dated 15.09.2014 for AY 2010-11.

Citation :
ITA 108/KOL/2015

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