Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “G” BENCH, MUMBAI
This appeal is filed by Sejal Glass Limited through its erstwhile Director Amrut Gada, being Managing Director against the appellate order of Commissioner of Income-tax (Appeals)–21, Mumbai [the learned CIT(A)] dated 30th November, 2018 for A.Y. 2014–15 against the confirmation of disallowance of bad debts of `1,36,40,744/– and preoperative expenses of `2,16,50,002/–.
The brief facts of the case shows that assessee is a company who filed its return of income on 27th November,
2014 declaring nil income after setting off of carried forward loss of `3,22,56,376/–. It was revised on 31st March, 2016. The case of the assessee was selected for scrutiny and assessment was made at a total income of `3,69,13,420/–. The assessee preferred the appeal before the learned CIT(A) wherein the appeal of the assessee was partly allowed. Therefore, assessee is in appeal.
At the time of hearing, advocate of the assessee preferred the adjournment petition stating that assessee has undergone insolvency process and on 13th February, 2019, NCLT passed an order, wherein moratorium was granted from 13th February, 2019. Subsequently, on 26th March, 2021, the resolution plan has been approved. It was stated that copy of NCLT order has been submitted before the learned Assessing Officer for giving the effect for reducing the demand which has not been attended to.
During the course of hearing, the Bench asked the learned Authorised Representative that now, how the appeal filed by the erstwhile Director is maintainable in view of the order of NCLT dated 26th March, 2021. The learned Authorised Representative agreed that now, the appeal is required to be filed by the Dilesh Roadlines Pvt. Ltd. The learned Departmental Representative also stated that the Director of the erstwhile company has no locus standi to file this appeal.
We have carefully considered the rival contentions and find that as per the NCLT order, the plan submitted by Dilesh Roadlines Pvt. Ltd. has been approved. The appeal
In the result, the appeal of the assessee is dismissed.
Order pronounced in the open court on 18.05.2022.