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Judgment
These appeals filed by the assessee are directed against the respective orders of ld. CIT (A) pertaining to respective assessment years.
At the outset, ld. Counsel of the assessee submitted that National Company Law Tribunal (NCLT) vide order dated 30.05.2023 has passed directions by appointing Shri Prabhakar Kumar as the Insolvency Resolution Professional under the provisions of the Insolvency and Bankruptcy Code, 2016 (for short ‘the Code’) and submitted that he is not pressing the appeals.
We have heard both the parties and perused the records.
Provisions contained under section 238 of “the Code” are having an overriding effect over all other Central and State statutes including Income-tax Act as held by Hon’ble Supreme Court in case of PCIT vs. Monnet Ispat and Energy Ltd. SLP (C) No.6483 of 2018 order dated 10.08.2018 by returning following findings :-
“Given section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income-tax Act.”
In view of the matter, section 238 of the Code will have overriding effect over all other Central and State statutes including the Income-tax Act and all the claims including claim of the Income-tax Department under the Income-tax Act, 1961 shall be entertained by the Official Liquidator u/s 53 (1) of the Code. Keeping in view all these facts, ld. AR for the assessee stated at Bar that he does not press these appeals and same may be dismissed as withdrawn. Consequently, present appeal is dismissed as withdrawn having been become infructuous.