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2023 (5) TMI 216 - ITAT DELHIPenalty u/s 271(1)c) - assessee company has gone under liquidation - whether liquidation proceedings have over riding effect over the claim of the revenue - HELD THAT:- The record shows corporate Insolvency Resolution Process is pending before NCLT after order dated 14.11.2017. In assessee’s own case Hon’ble Supreme Court while deciding Civil Appeal [2020 (7) TMI 760 - SC ORDER] disposed of the appeals without adjudicating anything on merits. Thus, in the light of provisions of Insolvency and Bankruptcy Code, 2016 and the aforesaid orders in the case of assessee, the claim of revenue arising out of the proceedings under the Act have become infructuous. In the light of aforesaid, the appeal and cross objection are dismissed being infructuous.
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