AABAN APPARELS AND REAL CON PVT LTD.,MUMBAI vs. DCIT CIRCLE 6(1)(1), MUMBAI

Assessee has raised the following grounds of appeal: 1) That the assessment order u/s 143-3 of the Income Tax Act, 1961-the Act, dated 29.12.2017 passed by the Assessing Officer and the additions-disallowances made therein are illegal, bad in law and without jurisdiction. 2) That the AO and the Commissioner of Income Tax-Appeals, CIT-A have grossly erred on facts and in law in passing the orders without giving a sufficient and reasonable opportunity to the assessee to be heard. The orders have been passed in violation of principles of natural justice. 3) That, on the facts and circumstances of the case, the CIT-A has erred in law and on facts in upholding the assessment order u.s. 143-3 of the Act and the additions-disallowances made therein. 4) That on the facts and circumstances of the case and law The Learned commissioner of Income tax-Appeals has erred up holding the Addition made by the Ld. Assessing officer erred in disallowing the loss to the extent of Rs.84,13,42,613/- incurred under the head of Income From Business & Profession on the ground OR grounds as stated in the assessment order OR otherwise. 5) That on the facts and circumstances of the case and law The Learned commissioner of Income tax-Appeals has erred up holding the Addition made by the Ld. Assessing office erred in disallowing the claim of Cost of Acquisition for computing the long term capital gain on sale of shares amounting to Rs.2,62,88,851.00 on the ground OR grounds as stated in the assessment order OR otherwise 6) The Appellant craves leaves to alter, amend, withdraw OR substitute any ground OR grounds OR to add any new ground OR grounds of appeal on OR before the hearing. 7) All of the above grounds of appeal are without prejudice and are mutually exclusive to each other.

In the course of hearing, it was noted that an order passed by ld. National Company Law Tribunal (NCLT), Mumbai Bench, Court-III is placed on record wherein assessee had undergone the proceedings u/s. 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) r.w.r. 4 of the Insolvency and Bankruptcy (Application to Adjudication Authority), Rule 2016 in petition No. C.P(IB)-549(MB)/C-III/2023 for which order was pronounced on 07.02.2024. The directions given under this order by the ld. NCLT are contained in para-21 whereby in clause (i) it is mentioned that during the Corporate Insolvency Resolution Process (CIRP) period, management of the corporate debtor will vest on the Insolvency Resolution Professional / Resolution Professional (IRP/RP). Directors and employees have been suspended, who shall provide all the documents in their possession and furnish every information in the knowledge to the IRP/RP. Contents of para-21 of this order by ld. NCLT is extracted below for ready reference: a. The above Company Petition (IB) 549(MB)/2023 is allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s. Aaban Apparels and Realcon Private Limited. b. This Bench appoints Mr. Sandeep Jawaharlal Singhal, having Registration No: IBBI/IPA-001/IP-P-00519/2017-2018/10920, email: sandeepjsinghal@hotmail.com; Address: 313/314, Girl Shikhar, Plot No. 8891, Opposite Goenka Hall, J B Nagar, Andheri(east), Mumbai City Maharashtra- 400059 as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016 c. The Financial Creditor shall deposit an amount of Rs. 5 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby directs operation of moratorium under section 14 of Insolvency and Bankruptcy Code, 2016 and prohibits the following: a. the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor.

In the backdrop of this order, it is noted that the present appeal is filed by the assessee before the Tribunal on 19.12.2025, much after the date of the ld. NCLT order, more particularly, signed by its Director, Shri Umesh Dekhalji Bhoyar. We find that filing of this appeal as stated above by the assessee is in contravention to the order of the ld. NCLT and therefore, liable to be dismissed as not maintainable.

In the result, appeal of the assessee is dismissed.