M/S. MSP METALLICS LIMITED.,KOLKATA vs. ACIT,CIR-1(1),KOLKATA., KOLKATA

PDF · subscribers
ITA 699/KOL/2023Status: DisposedITAT Kolkata26 September 2023AY 2011-123 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal allowed the assessee's request to withdraw the appeal, subject to the observation that this withdrawal does not grant immunity from tax demands by the department.

What were the facts?

The assessee company, under new management through insolvency proceedings, sought to withdraw its appeal. This was based on a Supreme Court judgment stating that claims not part of the resolution plan are extinguished.

What were the issues?

Whether an appeal can be withdrawn by an assessee in light of a Supreme Court judgment and subsequent legislative changes affecting tax demands.

Which sections of the Income-tax Act were involved?

Section 156A,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH KOLKATA

Before: Shri Sanjay Garg & Dr. Manish Borad

order : September 26, 2023 आदेश / ORDER संजय गग�, �या�यक सद�य �वारा / Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the assessee against the order dated 26.05.2023 of the National Faceless Appeal Centre (hereinafter referred to as the ‘CIT(A)’) passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’).

2.

The assessee has moved an application, wherein, it has been stated as under: “In this regard, most respectfully, it is submitted, that the appellant company taken over by the new management through insolvency proceedings (CIRP) under section 31 of the IBC vide NCLT order dated 11.07.2022. Copy of the NCLT order enclosed.

More judgments on Section 156A

All 50 judgments and leading authorities on Section 156A →

Recent GST High Court judgments

Search GST case law →