ACIT, CENTRAL CIRCLE, VARANASI vs. M/S JVL AGRO INDUSTRIES LTD., VARANASI

PDF · subscribers
ITA 140/ALLD/2016Status: DisposedITAT Varanasi26 September 2023AY 2013-143 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 due to the moratorium in force under the Insolvency & Bankruptcy Code, 2016, no appeal can be decided nor can legal proceedings continue. Therefore, the appeals and cross-objections were dismissed in limine.

What were the facts?

The assessee company, M/s JVL Agro Industries Ltd., is under liquidation proceedings as per the Insolvency & Bankruptcy Code, 2016. A moratorium is in force, preventing any legal proceedings by or against the company.

What were the issues?

Whether appeals and cross-objections can be adjudicated when the assessee company is under liquidation and a moratorium is in effect.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 153A,Section 33(5)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VARANASI CIRCUIT BENCH, VARANASI

Before: SHRI. B. R. BASKARAN & SHRI AMIT SHUKLA

For Respondent: Shri Robin Chaudhary, CIT, Shri J. P. Singh

The aforesaid appeals have been filed by the Department and the Cross Objections by the assessee against the separate order passed by the ld. CIT(A)-III, Lucknow for quantum of assessments passed under section 143(3)/153A of the Income Tax Act, 1961 for the Assessment Years 2012-13, 2013-14 and 2014-15.

2.

From the records, it is seen that the NCLT, Allahabad Bench vide order dated 19.8.2020 passed in CA No.215/2019, CA No.73/2020 and IA No.160/2020 under Insolvency & Bankruptcy Code, 2016 for liquidation of the Corporate Debtor, i.e. M/s JVL Agro Industries Ltd. Since the M/s JVL Agro Industries Ltd. is under Liquidation, moratorium is in force under section 33(5) of the Insolvency & Bankruptcy Code, 2016, whereby no legal proceedings can be instituted by or against the Corporate Debtor, i.e., M/s JVL Agro Industries Ltd. It has also been brought on record that Mr Supriyo Kumar Chaudhary has been appointed as Liquidator of the Company. Once M/s JVL Agro Industries Ltd. is under Liquidation and moratorium is in :-3-:

force, therefore, no appeal can be decided nor any legal proceedings can continue. Accordingly, the appeals of the Department as well as the Cross Objections of the assessee are dismissed in limine. The Department as well as the assessee will be at liberty to restitute the appeals/Cross Objections before this Tribunal as and when the Committee of Creditors approve the resolution plan and give the authority to pursue the appeal. Accordingly, all the appeals of the Department and Cross Objections of the assessee are dismissed.

3.

In the result, the appeals of the Revenue and Cross Objections of the assessee are dismissed. Order pronounced in the open court on 26.9.2023.

More judgments on Section 153A

All 18,957 judgments and leading authorities on Section 153A →

Recent GST High Court judgments

Search GST case law →