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2023 (7) TMI 1154 - AT - Income TaxInstitution of suits or continuation of pending suits or proceedings against the company in liquidation - Addition of parts and accessories of Air Pollution Control Machineries - HELD THAT:- NCLT has ordered liquidation of assessee company under IBC 2016 by observing that the order of moratorium 03.10.2020 passed u/s. 14 of the Insolvency Act prohibits the institution of suits or continuation of pending suits or proceedings against the company including execution of any judgment, decree, or order of any court of law, Tribunal, arbitration panel or other authority. This being the position no useful purpose is going to be served in continuing with the present proceedings in the appeal filed by the revenue it is relevant to mention that the Hon’ble Supreme Court in the case of PCIT vs Monnet Ispat and Energy Ltd. [2018 (8) TMI 1775 - SC ORDER] has upheld judgment of Hon’ble High Court of Delhi [2017 (9) TMI 1907 - DELHI HIGH COURT] wherein it was held that sec 238 of Insolvency and bankruptcy code 2016 will over ride anything in consistent contained in any other enactment, including the I.T Act 1961. Moratorium u/s. 14 of the IBC code 2016 will also apply to the appeals preferred by the Income Tax Department against the orders of the authorities below including CIT(A) and the ITAT in respect of tax liability of a dater under Corporate Insolvency Resolution Process (CIRP). The appeal of the revenue is dismissed with a liberty to the revenue to seek remedial measures in accordance with law. Appeal of the revenue is dismissed in limine for statistical purposes.
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