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2020 (10) TMI 447 - Tri - Insolvency and BankruptcyPermission sought from this Bench for carrying out the assessment proceedings for the assessment years A.Y. 2013-14 to A.Y. 2019-20 - CIRP process - HELD THAT:- The Insolvency and Bankruptcy Code, 2016 was enacted with a view to bring about a complete reorganization and insolvency resolution of Corporate Debtors in a time bound manner and to inspire life into a Corporate Debtor struggling to repay its debts, Section 238 was inserted in the Code. Provisions of this Section 238 override other laws as decided by the Hon'ble Supreme Court in Duncans Industries Ltd. v. A J. Agrochem, [2019 (10) TMI 301 - SUPREME COURT ]. The present application has been preferred by the Applicant to seek permission from this Adjudicating Authority to carry out the assessment proceedings under Section 153A read with 281B of the Income Tax Act. Considering the necessity of the assessment of tax, the prayer of the Applicant is accepted to the extent of only doing assessment for the AY 2013-14 to 2019-20. The Income Tax Department may file their claim, if any, as an Operational Creditor with the Resolution Professional of the Corporate Debtor in time - Application disposed off.
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