Tax tribunal asks CBIC to issue rules for cases Under IBC

The CESTAT said that in the absence of any guideline, departmental representatives are unaware as to what stand is to be taken in such cases that are at the bankruptcy court or the appellate body. The IBC overrides other laws and stipulates that recovery proceedings, including tax recovery, cannot be initiated after a company is admitted for debt resolution under the bankruptcy code, the tribunal noted.

from Banking/Finance-Industry-Economic Times https://ift.tt/VlWtK7j