Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, VARANASI CIRCUIT BENCH, VARANASI
Before: SHRI. B. R. BASKARAN & SHRI AMIT SHUKLA
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.
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.
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.