VIDEOCON IOL VENTURES LTD.,MUMBAI vs. DY CIT 3 (3)(2), MUMBAI

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ITA 6801/MUM/2019Status: DisposedITAT Mumbai28 October 2022AY 2011-123 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 the appeal filed by the Director was not maintainable as the Board of Directors ceased to exist upon admission into insolvency proceedings. Only the interim resolution professional could prosecute the appeal.

What were the facts?

The assessee company, Videocon Oil Ventures Ltd., was under insolvency proceedings. The appeal was filed by the Director of the company, Mr. VN Dhoot, after the company was admitted for insolvency proceedings and an interim resolution professional was appointed.

What were the issues?

The primary issue was the maintainability of an appeal filed by a director of a company that is undergoing insolvency proceedings. The tribunal had to determine who has the authority to file and prosecute such an appeal.

Which sections of the Income-tax Act were involved?

Section 271

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

For Respondent: Shri Vranda U Matkarni, DR
Hearing: 04.10.2022Pronounced: 28.10.2022
1.

This appeal is filed by Videocon Oil Ventures Ltd. in Commissioner of Income-tax (Appeals)-8, Mumbai [the learned CIT (A)], wherein the penalty of ₹1,48,19,988/- levied by the learned Assessing Officer under Section 271 of the Income-tax Act, 1961 (the Act) was confirmed.

2.

At the time of hearing, the learned Departmental Representative stated that the above company is under insolvency proceedings and therefore, the present appeal

5.

In the result, the appeal of the assessee is dismissed.

Order pronounced in the open court on 28.10.2022.

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