ASSTT. CIT CENTRAL CIR-1(3), MUMBAI vs. M/S. PANDHE INFRACONS P. LTD., MUMBAI

These cross appeals in 1812/Mum/2020 for A.Y.2011-12 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-47, Mumbai in appeal No.CIT(A)- 47/10180/18-19 dated 18/03/2020 (ld. CIT(A) in short) against the order of assessment passed u/s.153A r.w.s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 30/12/2018 by the ld. Dy. Commissioner of Income Tax, Central Circle-1(3), Mumbai (hereinafter referred to as ld. AO).

None appeared on behalf of the assessee. At the outset, we find that an interim resolution professional has been appointed under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC) by the Hon’ble National Company Law Tribunal (NCLT) vide its order dated 06/09/2021 in the instance case. On earlier occasions, this Tribunal taking note of the same had served the notice on the interim resolution professional. Subsequently, Mr. Brijendra Kumar Mishra was appointed as resolution professional vide meeting of Company of Creditors (COC) dated 02/12/2021. As per Section 14 of the IBC 2016, there cannot be any continuation of proceedings before this Tribunal against the corporate debtor. Admittedly, the assessee herein is a corporate debtor. Hence, no proceedings shall remain pending with this Tribunal in respect of this assessee once the matter is under the purview of resolution professional. In view of the same, we dismiss the appeal of the assessee and also dismiss the appeal of the Revenue, with a liberty given to both the parties to revive these appeals, if they so desire, after the completion of insolvency resolution process. Accordingly, the appeal of the assessee is dismissed and appeal of the Revenue is dismissed.

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