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TMI Blog2023 (3) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs in the Court of Law, Tribunal etc. cannot continue in view of Amendment to Section 178(6) of the Act, therefore, no useful purpose is going to be served in continuing the present proceedings. In view of the above, we dismiss the appeal in limine. - I.T.A. No. 8639/DEL/2019 - - - Dated:- 16-2-2023 - SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR U.S., JUDICIAL MEMBER For the Assessee : Sh. Ajit Gandhi, CA For the Department : Shri Kanv Bali, CIT D.R.; ORDER PER YOGESH KUMAR U.S., JM This appeal is filed by the assessee for assessment year 2016-17 against the order of the ld. Commissioner of Income Tax (Appeals) 31, New Delhi, dated 02/09/2019. 2. The assessee has raised the following gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in not appreciating the facts of the case. 3. Brief facts of the case are that, the assessment proceedings has been initiated against the Assessee and an assessment order came to be passed on 27/12/2018 by disallowing the expenditure of Rs. 44,00,886/-. Aggrieved by the Assessment order dated 27/12/2018, the Assessee preferred an appeal before the Ld.CIT(A). The Ld. CIT (A) dismissed Appeal filed by the Assessee on 02/09/2019 by confirming the Assessment Order, which is under challenge before this Tribunal. 4. The Ld. Counsel for the assessee brought to our notice that a financial creditor had filed an Application u/s 7 of Insolvency and Bankruptcy Code 2016 against the assessee in (IB)-194(ND)/2021 before the National Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. 7. In view of the above, no proceedings can be initiated against the corporate debtor, i.e., assessee company including the present proceedings before this Tribunal, or the income tax proceedings and recovery of demand or giving effect of any order. It is well settled now that, IBC has overriding affect on all the acts including Income Tax Act which has been specifically ..... X X X X Extracts X X X X X X X X Extracts X X X X
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