ACIT-6(1)(2), MUMBAI, MUMBAI vs. IMPERIAL CONSULTANTS AND SECURITIES LIMITED, MUMBAI

ITA 7042/MUM/2025Status: DisposedITAT Mumbai21 August 2026AY 2014-156 pages
AI SummaryDismissed

What were the facts?

The Revenue appealed against the CIT(A)'s order regarding disallowances and interest expenditure. However, the National Company Law Tribunal (NCLT) approved a resolution plan for the assessee, extinguishing all prior liabilities and demands of the Income-tax Department.

What did the Tribunal hold?

The Tribunal held that once a resolution plan is approved by the NCLT and implemented by the Assessing Officer, all claims not forming part of the plan stand extinguished. Therefore, no live dispute survives for adjudication.

What were the issues?

Whether a tax appeal survives when the underlying tax demand has been extinguished by an approved resolution plan under the Insolvency and Bankruptcy Code, 2016.

Which sections of the Income-tax Act were involved?

Section 14A,Section 57(iii),Section 36(1)(iii),Section 40(a)(ia),Section 250,Section 143(3),Section 144C,Section 156A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “H” BENCH, MUMBAI

Before: SMT BEENA PILLAI & SHRI JAGADISH

For Appellant: Shri Ganesh & Kirtivasan Rajgopalan, CA
For Respondent: Shri Pravin Salunkhe, SR. DR
Hearing: 10.06.2026Pronounced: 21.08.2026

Per: SHRI JAGADISH, A.M.:

1.

This appeal by the Revenue is directed against the order dated 27.08.2025 passed by the National Faceless Appeal Centre, Delhi [learned Commissioner of Income-tax (Appeals)] under section 250 of the Income-tax Act, 1961 ("the Act"), arising from the assessment order dated 29.12.2017 passed by the Assessing Officer under section 143(3) read with section 144C of the Act for the assessment year 2014-15. Imperial Consultants and Securities Limited

2.

The Revenue has raised ten grounds of appeal. Grounds nos. 1 to 4 challenge the deletion of disallowance of Rs.17,71,06,896/-

The order continues below.

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