M/S NEXUS ELECTRO STEEL LTD vs. THE ASST COMMISSIONER OF

TCA/199/2015HC Madras27 August 2024Bench: Honourable Mr Justice R. SURESH KUMAR2 pages

AI SummaryDismissed

What did the High Court hold?

The High Court noted that the appellant company had been ordered to be under liquidation by the National Company Law Tribunal. In view of this development, the court held that the appeal could not be proceeded further. The appeal was accordingly dismissed. The court granted liberty to the assessee to work out its remedy in the future in accordance with law. No costs were awarded. The specific findings of the ITAT or the merits of the original dispute were not addressed as the appeal was dismissed on a procedural ground.

What were the facts?

The assessee, M/s. Nexus Electro Steel Ltd., filed a Tax Case Appeal under Section 260A of the Income Tax Act, 1961, against an order of the Income Tax Appellate Tribunal ('A' Bench, Chennai) in ITA No. 1420/Mds/2013. The appeal was filed before the High Court of Judicature at Madras. During the pendency of the appeal, it was brought to the court's notice that the appellant company had been placed under liquidation, with an Official Liquidator appointed by the National Company Law Tribunal on September 9, 2022. Consequently, the appeal could not proceed further.

What were the issues?

1. Whether the appeal can be proceeded with when the assessee company has been ordered to be under liquidation. (Question of law) Assessee's Contention: The assessee's counsel brought to the court's notice the order of liquidation of the appellant company by the National Company Law Tribunal, indicating that the appeal could not be further pursued. Revenue's Contention: No specific contention was recorded for the revenue in the judgment regarding the liquidation order or its impact on the appeal.

Which sections of the Income-tax Act were involved?

Section 260A

AI-generated summary — verify with the full judgment below

T.C.A.No.199 of 2015 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 27.08.2024 CORAM THE HON'BLE MR.JUSTICE R.SURESH KUMAR AND THE HON'BLE MR.JUSTICE C.SARAVANAN Tax Case Appeal No.199 of 2015 M/s.Nexus Electro Steel Ltd., 202, Shivalaya Block C, 16, Ethiraj Salai Chennai 600 008. PAN : AABCN4224H ... Appellant Vs. The Assistant Commissioner of Income Tax Company Circle IV (4), 121, Mahatma Gandhi Road, Nungambakkam, Chennai 600 034. ... Respondent ----- Tax Case Appeal filed under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal 'A' Bench, Chennai in I.T.A.No.1420/Mds/2013. For Appellant : Mr.R.Sivaraman For Respondent : Mr.Karthick Ranganathan Senior Standing Counsel ---- J U D G M E N T (Delivered by R. SURESH KUMAR, J.) It is brought to our notice by Mr.R.Sivaraman, learned counsel for the appellant that, the appellant company has already been under liquidation and Official Liquidator has been appointed by order dated 09.09.2022 by the https://www.mhc.tn.gov.in/judis T.C.A.No.199 of 2015 R.SURESH KUMAR, J. AND C.SARAVANAN, J. KST National Company Law Tribunal, Special Bench-II, Chennai in I.A. (IBC) /773 (CHE) /2022 in CPI (IB)/377/CHE/2020. 2. In view of the aforesaid development, where the assessee company has already been under liquidation, this appeal cannot be proceeded further. The appeal is therefore dismissed with liberty to the assessee to work out its remedy in future in accordance with law. No costs. (R.S.K.,J.) (C.S.N.,J.) 27.08.2024 NCS : Yes/No Index : Yes/No KST To The Income Tax Appellate Tribunal 'A' Bench, Chennai. T.C.A.No.199 of 2015 https://www.mhc.tn.gov.in/judis

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