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Income Tax Appellate Tribunal, DELHI ‘E’ BENCH,
Before: SHRI N.K. BILLAIYA, & SHRI ANUBHAV SHARMA
PER N.K. BILLAIYA, ACCOUNTANT MEMBER:-
The above captioned appeals by the assessee and the Revenue
and cross objections by the assessee are preferred against the separate
orders of the ld. CIT(A) pertaining to Assessment Years 2008-09, 2007-
08 and 2011-12.
Since the underlying facts in issues are identical, all these
appeals and cross objections are being disposed off by this common
order for the sake of convenience and brevity.
At the very outset, the ld. counsel for the assessee drew our
attention to the order of the National Company Law Tribunal [NCLT],
Principal Bench, New Delhi dated 15.03.2022 and pointed out that the
Resolution Plan has been accepted by NCLT and has issued necessary
directions/instructions.
We have carefully perused the order of the NCLT [supra]. The
relevant findings read as under:
“28. We hereby approve this Resolution Plan, as approved by the CoC, placed by the Applicant before this Adjudicating Authority. We, therefore, approve the Resolution Plan submitted by the Applicant along with the following directions in respect of the Corporate Debtor:
(i) The order of the moratorium passed by this Adjudicating Authority under Section 14 of the IBC,2016 shall cease to have effect from the date of passing of this Order.
(ii) The Resolution Professional shall forward all the records relating to the conduct of the CIRP and the Resolution Plan to the IBBI for its record and database.
(iii) The approved Resolution Plan shall become effective from the date of passing of this Order.
(iv) The Monitoring Committee, as provided in the Resolution Plan, shall be setup within 07 days of passing of this Order which shall take all necessary steps for implementation of the Resolution Plan.
The Resolution Professional shall forthwith send a copy of this Order to the CoC and the Successful Resolution Applicant.
i. With the above, IA-3261 of 2021 stands allowed.”
In light of the above, we restore the captioned appeals and cross
objections to the file of the Assessing Officer. The Assessing Officer is
directed to decide the issues as per the order of NCLT after affording
reasonable and adequate opportunity of being heard to the assessee.
In the result, all captioned appeals of the assessee and Revenue
as well as the cross objections of the assessee are allowed for
statistical purposes.
The order is pronounced in the open court on 20.09.2022.
Sd/- Sd/-
[ANUBHAV SHARMA] [N.K. BILLAIYA] JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 20th September, 2022.
VL/