Validity of Revision Order Post-CIRP Approval: ITAT Quashes PCIT Revision Order

The Income Tax Appellate Tribunal (ITAT) has quashed a revision order passed by the Principal Commissioner of Income Tax (PCIT) after the approval of the Corporate Insolvency Resolution Process (CIRP). The tribunal ruled that the revision order could not stand post-CIRP approval, as it was inconsistent with the ongoing insolvency process. This ruling provides clarity on the interaction between tax revision orders and insolvency proceedings, highlighting the precedence of the IBC process in cases where a company is under insolvency resolution.