M/S. ROLTA INDIA LTD,MUMBAI vs. DY.CITI CENT. CIR-1(1) , MUMBAI

Briefly stated the assessee company is engaged in the business of software development, designing/data conversion services/purchase and marketing of hardware/software products and e-services. The assessee filed its return of income dated 28.11.2015 declaring a total loss of Rs.88,25,83,242/-. The assessee’s case was selected for scrutiny and the assessment order dated 26.12.2017 was passed by the A.O. where the A.O. made various additions/disallowances.

The assessee was in appeal before the ld. CIT(A) who had partly confirmed the said addition/disallowances.

The assessee is in appeal before us, challenging the disallowance confirmed by the ld. CIT(A).

The ld. AR for the assessee submitted that the assessee company was undergoing insolvency proceeding before the Hon’ble NCLT. The ld. DR had nothing to controverted the said fact.

We have heard the rival submissions and perused the materials available on record. We are of the view that since the assessee company was undergoing insolvency proceedings, the same cannot be proceeded further for adjudication. In view of the provisions of section 14 of Insolvency and Bankruptcy Code, 2016, no proceeding can be continued during the moratorium period and, hence, we deem it fit to dismiss the said appeal with the liberty given to the assessee/Resolution Profession as the case may be to restore the said appeal as and when required.

In the result, the appeal and stay application filed by the assessee is dismissed.