DCIT, CENTRAL CIRCLE-2(1), KOLKATA, KOLKATA vs. M/S. AMRICON AGROVET PVT. LTD., KOLKATA

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ITA 1889/KOL/2018Status: DisposedITAT Kolkata11 December 2023AY 2014-154 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that once insolvency proceedings commenced and were approved by the NCLT, no other court or tribunal could continue an adjudicatory process. Therefore, the appeal was rendered infructuous.

What were the facts?

The Revenue filed an appeal against the CIT(A)'s order for AY 2014-15. During the pendency of the appeal, the assessee company went into liquidation, and the NCLT approved its insolvency resolution process.

What were the issues?

Whether an appeal before the ITAT can continue when the assessee company is undergoing insolvency resolution approved by the NCLT.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘C’ BENCH, KOLKATA

Before: Shri Rajpal Yadav, Vice-(KZ) & Dr. Manish Borad

Per Rajpal Yadav, Vice-President (KZ):- The present appeal is directed at the instance of Revenue against the order of ld. Commissioner of Income Tax (Appeals)- 22, Kolkata dated 1st June, 2018 passed for A.Y. 2014-15.

2.

During the pendency of present appeal, it was submitted that the Company went into liquidation and Hon’ble NCLT has approved the Scheme of its Insolvency Resolution Process. On the letter of the assessee, a report was called for from the ld. Assessing Officer and in response to that, ld. Assessing Officer sent the copy of the Hon’ble NCLT’s order along with his comments. His letter reads as under:-

Assessment Year: 2014-2015 M/s. Amricon Agrovet Private Limited

3.

Since the insolvency proceeding was commenced against the assessee. Insolvency proposal has been accepted by the Hon’ble National Company Law Tribunal (NCLT), therefore, it is to be construed that no other Court or Tribunal could continue any Assessment Year: 2014-2015 M/s. Amricon Agrovet Private Limited adjudicatory process. Accordingly the proceeding in this appeal is dropped and it is treated as infructuous, hence dismissed.

4.

In the result, the appeal of the Revenue is dismissed. Order pronounced in the open Court on 11/12/2023.

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