DCIT 3(1), MUMBAI vs. EKL APPLIANCES LTD, MUMBAI

PDF · subscribers
ITA 6513/MUM/2012Status: DisposedITAT Mumbai23 December 2022AY 2005-062 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The tribunal held that the appeal filed by the Assessing Officer could not be continued due to the provisions of Section 14 of the Insolvency and Bankruptcy Code, 2016. The respondent was also not properly substituted.

What were the facts?

The assessee company, M/s EKL Appliances Ltd., had amalgamated with M/s Videocon Industries Ltd., which subsequently underwent Corporate Insolvency Resolution Process (CIRP). The CIRP of Videocon Industries Ltd. was stayed by the Supreme Court.

What were the issues?

Whether an appeal can be continued against a company undergoing insolvency resolution process, and if the respondent was properly substituted.

Which sections of the Income-tax Act were involved?

Section 14

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “K” BENCH, MUMBAI

For Respondent: Dr. Yogesh Kamat, CIT DR
Hearing: 29.11.2022Pronounced: 23.12.2022

O R D E R PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Asst. Commissioner of Income Tax, Circle 3(1), Mumbai (the learned Assessing Officer) against the appellate order passed by the learned Commissioner of Income-tax (Appeals)-15, Mumbai [the learned CIT (A)] dated 6th August, 2012. The assessee, M/s EKL Appliances Ltd., as per order sheet entry dated 25th November, 2021, states that Assessee Company had amalgamated with M/s Videocon Industries Ltd. and further M/s Videocon Industries Ltd. has undergone corporate Insolvency Resolution Process. Corporate Insolvency Resolution Process in case of M/s Videocon has also been stayed by Hon'ble Supreme Court. Therefore, according to Section 14 of Insolvency and Bankruptcy Code 2016, the learned Assessing Officer could not have

2.

In the result, the appeal of the learned Assessing Officer is dismissed.

Order pronounced in the open court on 23.12.2022.

More judgments on Section 14

All 685 judgments and leading authorities on Section 14 →

Recent GST High Court judgments

Search GST case law →