ACIT, CENTRAL CIRCLE 2(3), CHENNAI vs. SBQ STEELS LTD, CHENNAI

ITA 303/CHNY/2018Status: DisposedITAT Chennai25 November 2022AY 2011-127 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that once a company is dissolved by the NCLT, no proceedings can survive against it as it ceases to exist. Therefore, the appeals filed by the Revenue have become infructuous.

What were the facts?

The assessee company, SBQ Steels Ltd., was dissolved by the National Company Law Tribunal (NCLT) on February 11, 2022. The Revenue had filed appeals against the assessment orders for the years 2008-09 to 2013-14.

What were the issues?

Whether income tax proceedings can continue against a company after it has been dissolved by the NCLT. Applicability of Section 179 of the Income Tax Act to directors of a public limited company.

Which sections of the Income-tax Act were involved?

Section 179

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Cases cited in this judgment(3)Show list

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आयकर अपील"य अ"धकरण,‘बी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी मनोज कुमार अ"वाल, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER

आयकर अपील सं./ITA Nos.: 300, 301, 302, 303, 578 & 579/CHNY/2018 िनधा"रण वष"/Assessment Years: 2008-09,2009-10,2010-11,2011-12, 2012-13 & 2013-14 The ACIT, SBQ Steels Ltd., Central Circle - 2(3), Vs. No.6/13, North Avenue, Chennai. Kesavaperumalpuram, Chennai – 600 028. PAN : AAKCS 8867Q (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : Shri B. Ramakrishnan, FCA ""यथ" क" ओर से/Respondent by : Shri Guru Bashyam, CIT सुनवाई क" तार"ख/Date of Hearing : 15.11.2022 घोषणा क" तार"ख/Date of Pronouncement : 25.11.2022

आदेश /O R D E R6 PER MAHAVIR SINGH, VICE PRESIDENT:

These six appeals by the Revenue are arising out of three different orders of the Commissioner of Income Tax (Appeals)-18, Chennai in ITA Nos.1013 & 1014/15-16 dated 05.10.2017, 91 & 92/16-17 dated 13.10.2017 and 1042 & 1043/15-16 dated 22.11.2017. The ITA Nos.300 to 303, 578 & 579/Chny/2018

assessments were framed by the ACIT, Central Circle 2(3), Chennai

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