The Resolution Professional filed an application seeking the lifting of a lien marked on fixed deposit receipts (FDRs) held in ICICI Bank Ltd. The lien was imposed by the Deputy Commissioner of Income Tax. The Income Tax Department argued that the Insolvency & Bankruptcy Code (IBC), 2016, cannot override the Income Tax Act, 1961. The FDRs in question are: 629314066591 (Rs. 2,592,550), 629314066679 (Rs. 641,607), and 629314066844 (Rs. 1,603,868), totaling Rs. 48,38,025. The Income Tax Department's stance was evident from a letter dated 2017-12-12. The Supreme Court in Pr. Commissioner of Income Tax v. Monnet Ispat and Energy Ltd. held that Section 238 of the IBC overrides any inconsistent provisions in other enactments, including the Income Tax Act. Dena Bank v.

The Resolution Professional filed an application seeking the lifting of a lien marked on fixed deposit receipts (FDRs) held in ICICI Bank Ltd. The lien was imposed by the Deputy Commissioner of Income Tax. The Income Tax Department argued that the Insolvency & Bankruptcy Code (IBC), 2016, cannot override the Income Tax Act, 1961. The FDRs in question are: 629314066591 (Rs. 2,592,550), 629314066679 (Rs. 641,607), and 629314066844 (Rs. 1,603,868), totaling Rs. 48,38,025. The Income Tax Department's stance was evident from a letter dated 2017-12-12. The Supreme Court in Pr. Commissioner of Income Tax v. Monnet Ispat and Energy Ltd. held that Section 238 of the IBC overrides any inconsistent provisions in other enactments, including the Income Tax Act. Dena Bank v.