M/S. KSL AND INDUSTRIES LTD.,MUMBAI vs. DCIT CENT. CIR. - 5(3), MUMBAI

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ITA 1341/MUM/2018Status: DisposedITAT Mumbai06 September 2022AY 2008-093 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 moratorium period. Therefore, continuing the appeals would be a continuation of proceedings.

What were the facts?

The assessee, M/s KSL and Industries Ltd., was undergoing Corporate Insolvency Resolution Process under the IBC-2016. The National Company Law Tribunal (NCLT) had passed an order on 06.09.2019.

What were the issues?

Whether appeals filed by the assessee and revenue can be continued against a corporate debtor undergoing insolvency resolution process under IBC-2016.

Which sections of the Income-tax Act were involved?

Section 14

AI-generated summary — verify with the full judgment below

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

Before: SHRI PAVAN KUMAR GADALE & SHRI AMARJIT SINGH

For Respondent: Shri Manoj Kumar, CIT DR &, Shri Tejinder Pal Singh, Sr. AR
Hearing: 07/09/2022Pronounced: 07/09/2022

Heard together (6 matters)

I.T.A No.1341/Mum/2018
I.T.A No.1367/Mum/2018
I.T.A No.1368/Mum/2018
I.T.A No.1342/Mum/2018
I.T.A No.1343/Mum/2018
I.T.A. No.1258/Mum/2019

Read from the judgment's own cause title. This page is filed under one of them.

O R D E R Per Bench: These are the appeals filed by the assessee and the revenue against the common order of Commissioner of Income-tax (Appeals) -53 Mumbai.

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. Further the order passed by the National Company Law Tribunal (NCLT),Ahmedabad dated 06.09.2019 was brought on record.

3.

We found 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 these appeals filed by the assesse and the revenue and also keeping the appeals pending is also a continuation of proceedings.

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