M/S DEWAN HOUSING FINANCE CORPORATION LTD.,MUMBAI vs. DY CIT CC5(4), MUMBAI

“The matter was heard before the Hon'ble 'D' Bench of the Income Tax Tribunal on March 24, 2022. We have downloaded the order of the captioned appeal from itat.nic.in. In this regard and under client instructions, we have to submit as under:

302/Mum/2019 M/s. Dewan Housing Finance Corporation Ltd., On perusal of the order, it was observed that after referring to the NCLT and NCLAT order in the present case and the Supreme Court decision in Ghanshyam Mishra & Sons vs. Edelweiss Asset Reconstruction Limited (Civil Appeal No. 8129 OF 2019), Your Honors has held, at para 3.6 that the present proceedings cannot be continued. Thus, the Department appeal for AY 2014-15 (ITA No. 395/M/2019) is dismissed. However, it appears that based on same reasoning, the assessee appeal ought to have been allowed. Thus, inadvertently, instead of "allowed", the word "dismissed" is used. Therefore, in the view of the above, we request Your Honors to kindly issue a corrigendum for the assessee's appeal, to the effect that the assessee appeal is allowed.”

“3.6. Hence, in view of the above we are unable to accept to the contentions of the ld. DR and accordingly hold that the present proceedings could not be continued. Accordingly, appeal of the assessee for A.Y.2015-16 is hereby allowed and appeal of the Revenue for A.Y.2014-15 is hereby dismissed. 4. In the result, appeal of the assessee for A.Y.2015-16 is allowed and appeal of the Revenue for A.Y.2014-15 is dismissed.”

(KULDIP SINGH) (M.BALAGANESH) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai; Dated 22/06/2022 KARUNA, sr.ps

302/Mum/2019 M/s. Dewan Housing Finance Corporation Ltd.,