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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI PRASHANT MAHARISHI, AM & MS. KAVITHA RAJAGOPAL, JM
This appeal has been filed by the Revenue, challenging the order of the learned Commissioner of Income Tax (Appeals) (‘ld.CIT(A) for short), passed u/s. 250 of the Income Tax Act, 1961 (‘the Act'), relevant to the Assessment Year (‘A.Y.’ for short)
2015-16.
The Revenue has challenged the order of the ld. CIT(A) in deleting the various additions made by the Assessing Officer (A.O. for short), pertaining to different grounds.
It is observed that there was no representation on behalf of the assessee, inspite of several opportunities given, we therefore proceed to decide this appeal by hearing the ld.
(A.Y. 2015-16) Asst. CIT vs. Jet Lite (India) Ltd. Departmental Representative (ld. DR for short) and on perusal of the available materials on record.
The brief facts are that the assessee is a scheduled airline company involved in the business of running domestic and international flights. The assessee filed its return of income dated 30.11.2015, declaring total loss of Rs.230,71,31,730/-. The assessee’s case was selected for scrutiny and the assessment order dated 07.11.2017 was passed u/s. 143(3), wherein the A.O. had made various additions/disallowances to the total income of the assessee.
The assessee was in appeal before the ld. CIT(A) challenging the assessment order passed by the A.O. The ld. CIT(A) deleted the impugned additions made by the A.O.
The Revenue is in appeal before us, challenging the order of the ld. CIT(A).
During the appellate proceeding, it is observed that the assessee company was undergoing insolvency proceedings before the Hon’ble National Company Law Tribunal and by invoking the provisions of section 14 of Insolvency and Bankruptcy Code, 2016, we are inclined to dismiss this appeal filed by the Revenue with the liberty that the A.O. may restore the appeal, if need be after the completion of the moratorium period.
In the result, this appeal filed by the Revenue is dismissed.
Order pronounced in the open court on 02.01.2023