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