In a recent decision, the New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that assessment proceedings cannot be initiated during operation of moratorium by order of the National Company Law Appellate Tribunal (NCLT).
The reassessment proceedings were initiated against the assessee and notice under Section 148 of the Income Tax Act, 1961 was issued. On the same day, Corporate Insolvency Resolution Process had already started against the assessee company and moratorium was declared in terms of section 14 of the Insolvency & Bankruptcy Code, 2016 ( ‘IBC’) by the order of National Company Law Tribunal.
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The counsel …