SIDDHI RAJ HOUSING PROJECTS P. LTD.,MUMBAI vs. DCIT-CENTRAL CIR.-6(2), MUMBAI

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ITA 4763/MUM/2019Status: DisposedITAT Mumbai14 November 2022AY 2014-153 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that as per Section 14 of the IBC, 2016, no proceedings can be continued against a corporate debtor during the resolution process. Therefore, continuing the appeal would be a continuation of proceedings.

What were the facts?

The assessee filed an appeal against an order passed under Section 263 of the Income Tax Act. During the hearing, it was brought to the Tribunal's notice that the assessee had been referred to Corporate Insolvency Resolution Process under the IBC, 2016.

What were the issues?

Whether an appeal filed by an assessee undergoing Corporate Insolvency Resolution Process can be continued. The applicability of the moratorium under the IBC, 2016 to ongoing Income Tax Appellate Tribunal proceedings.

Which sections of the Income-tax Act were involved?

Section 263,Section 14

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “E”, MUMBAI

Before: SHRI PRASHANT MAHARISHI & SHRI PAVAN KUMAR GADALE

For Respondent: Shri H.N Singh, CIT (DR)
Hearing: 19/10/2022Pronounced: 31/10/2022

O R D E R

Per Pavan Kumar Gadale, JM

1.

The appeal is filed by the assessee against the order of Pr. Commissioner of Income-tax (C) -3 Mumbai u/sec263 of the Act.

2.

At the time of hearing, the Ld. DR has brought to the knowledge of the bench that, the assessee has been referred to the Corporate Insolvency Resolution Process as per IBC- 2016 Laws.

2 ITA 4763/M/2019. M/s Siddhiraj Housing Projects Pvt Ltd., Mumbai 3. Whereas as per the provisions of Sec.14 of IBC-2016 till the conclusion of proceedings under IBC-2016 no suit or proceedings can be continued against the corporate debtor. Considering the facts and circumstances, we are of the opinion that there is no point in proceeding with the appeal filed by the assessee and also keeping the appeal pending is also a continuation of proceedings.

4.

Accordingly, we considering the provisions of section14 of IBC-2016 Laws dismiss the appeal filed by the Assessee. Further we grant the liberty to the appellant/assessee to move an application to recall the present order after the moratorium is over as per the provisions of IBC-2016 laws.

5.

In the result, the appeal filed by the assessee and the revenue are dismissed. Order pronounced in the open court on 31/10/2022

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