Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI AMARJIT SINGH & MS.KAVITHA RAJAGOPAL
Per Amarjit Singh (AM): This is the appeal filed by the assessee against the order of the Pr.CIT-5, Mumbai. At the time of hearing the ld. Counsel brought to the knowledge of the bench that the assessee has been referred to the Corporate Insolvency Resolution Process as per IBC-2016 Laws. Further, the order passed by the National Company Law Tribunal, Mumbai Bench Court -1 dated 10.06.2022 was brought on record.
We found as per the provisions of Sec. 14 of IBC till the conclusion of proceedings under IBC-2016 no suit or proceedings can be continued
ITA No.869/Mum/2022 A.Y.2017-18 2 M/s Varsha Corporation ltd. Vs. P.CIT-5 against the Corporate debtor. Considering the fact and circumstances, we are of the opinion that there is no point in proceedings with the appeal filed by the assessee and also keeping the appeal pending is also a continuation of proceedings. Accordingly, we after considering the provisions of Sec. 14 of IBC-2016 laws and the order of NCLT as referred supra dismiss the appeal filed by the assessee. Further, we grant the liberty to the assessee to move an application to recall the present order after the moratorium is over as per the provisions of IBC-2016 laws.
In the result, the appeal of the assessee is dismissed. Order pronounced in the open court on 16.12.2022 (Kavitha Rajagopal) (Amarjit Singh) Judicial Member Accountant Member Place: Mumbai Date 16.12.2022 Rohit: PS
आदेश की प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलाथी / The Appellant 2. प्रत्यथी / The Respondent. 3. आयकर आयुक्त(अपील) / The CIT(A)- 4. आयकर आयुक्त / CIT 5. विभागीय प्रविवनवध, आयकर अपीलीय अवधकरण DR, ITAT, Mumbai 6. गार्ड फाईल / Guard file.
ITA No.869/Mum/2022 A.Y.2017-18 3 M/s Varsha Corporation ltd. Vs. P.CIT-5
सत्यावपि प्रवि //// आदेशानुसार/ BY ORDER,
उि/सहायक िंजीकार (Dy./Asstt.