USHDEV INTERNATIONAL LTD.,MUMBAI vs. DCIT- CC - 4(2), MUMBAI

PDF · subscribers
ITA 3209/MUM/2018Status: DisposedITAT Mumbai29 April 2022AY 2008-095 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 noted that the NCLT order extinguished all past liabilities of the assessee to government authorities that were not part of the resolution plan. Consequently, the present appeals were rendered infructuous.

What were the facts?

The Income Tax Appellate Tribunal was hearing multiple appeals filed by both the assessee and the revenue for various assessment years. The National Company Law Tribunal (NCLT) had approved a resolution plan for the assessee under the Insolvency and Bankruptcy Code.

What were the issues?

Whether appeals become infructuous due to the extinguishment of liabilities under an approved NCLT resolution plan.

Which sections of the Income-tax Act were involved?

Section 7

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, F BENCH, MUMBAI

Heard together (10 matters)

I.T.A. No. 3209/Mum/2018
I.T.A. No. 3794/Mum/2018
I.T.A. No. 1770/Mum/2018
I.T.A. No. 1790/Mum/2018
I.T.A. No. 1771/Mum/2018
I.T.A. No. 1791/Mum/2018
I.T.A. No. 1772/Mum/2018
I.T.A. No. 1792/Mum/2018
I.T.A. No. 2909/Mum/2018
I.T.A. No. 2910/Mum/2018

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

Date of conclusion of hearing : 14.03.2022 Date of pronouncement of order : 29.04.2022 O R D E R Per Bench: 1. The present batch of appeals being cross-appeals for Assessment Years 2008-09 (ITA No. 3209 & 3794 /Mum/2018), 2009-2010, (ITA No. 1770 & 1790/Mum/2018) 2010-11 (ITA No. 1771&1791/Mum/2018), and 2012-13 (ITA No. 1772 & 1792/Mum/2018), and Assessee’s Appeal for the Assessment Year 2011-2012 (ITA No. 2909 /Mum/2018), and 2014-2015 (ITA No. 2910/Mum/2018) were taken up for hearing. The Ld. Departmental Representative informed that vide order, dated 14.05.2018, petition [CP No. 1790/I&BC/NCLT/MB/MAH/2017] filed by State Bank of India against the Assessee under Section 7 of the Code was admitted. Thereafter, vide order dated 03.02.2022, passed in IA No. 1447/MB/C-II/2021 in CP(IB) No. 1790/MB/C-II/2017, resolution plan was approved by the National Company Law Tribunal, Mumbai Bench, Court II. As per the said order, all past liabilities arising out of any levies/tax dues to any government authority not forming part of the resolution plan and pertaining to pre-corporate insolvency resolution process period stand extinguished. In view of the aforesaid, the present appeals are disposed of as being infructuous with liberty to the Assessee/Revenue to approach the Tribunal in case of variation/change in the order dated 03.02.2022 and/or the approved resolution plan.

2.

In result, the appeals are dismissed.

Order pronounced on 29.04.2022.

More judgments on Section 7

All 296 judgments and leading authorities on Section 7 →

Latest GST High Court judgments

Search GST case law →