GVK INDUSTRIES LTD., SEC'BAD,SECUNDERABAD vs. DCIT, CIRCLE-2(2), HYD, HYDERABAD

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ITA 1168/HYD/2016Status: DisposedITAT Hyderabad07 November 2022AY 2005-065 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 held that the moratorium prohibits the continuation of pending proceedings. Therefore, the appeals could not be proceeded with during the CIRP. The appeals were dismissed in limine, with liberty to seek restoration if necessitated by the CIRP outcome.

What were the facts?

The assessee, GVK Industries Limited, filed appeals for multiple assessment years. Corporate Insolvency Resolution Proceedings (CIRP) were initiated against the assessee, and a moratorium was declared under the Insolvency and Bankruptcy Code, 2016.

What were the issues?

Whether pending appeals can be continued when a moratorium is in effect due to Corporate Insolvency Resolution Proceedings under the Insolvency and Bankruptcy Code, 2016.

Which sections of the Income-tax Act were involved?

Section 13,Section 14,Section 31

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, HYDERABAD BENCHES “B”, HYDERABAD

Before: SHRI RAMA KANTA PANDA & SHRI K.NARASIMHA CHARY

For Respondent: Shri Jeevan Lal Lavidiya, CIT-DR
Hearing: 07/11/2022

आदेश / ORDER PER BENCH : Aggrieved by the order(s) passed by the learned Commissioner of Income Tax (Appeals)-2 & 9, Hyderabad (“Ld. CIT(A)”), in the case of M/s.GVK Industries Ltd., (“the assessee”) for the assessment years 2002- 03 to 2006-07, assessee preferred these appeals. For the sake of convenience, we dispose-of these appeals by this common order.

GVK Industries Limited

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