DCIT,CIRCLE-5(1), KOLKATA, KOLKATA vs. HINDUSTHAN NATIONAL GLASS AND INDUSTRIESLIMITED, KOLKATA

ITA 338/KOL/2024Status: DisposedITAT Kolkata31 December 2025AY 2011-12Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAKESH MISHRA (Accountant Member)9 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the provisions of the Insolvency and Bankruptcy Code (IBC) override the Income Tax Act, and once a resolution plan is approved, all claims not part of the plan are extinguished. Therefore, the appeal becomes infructuous.

What were the facts?

The Revenue appealed against the deletion of additions made under Section 14A. The assessee's Corporate Insolvency Resolution Process (CIRP) was approved by the NCLT, and a resolution plan was sanctioned.

What were the issues?

Whether the appeal filed by the Revenue is infructuous due to the approval of the assessee's resolution plan under the IBC, which extinguishes all claims not part of the plan.

Which sections of the Income-tax Act were involved?

Section 14A

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Income Tax Appellate Tribunal, KOLKATA ‘C’ BENCH, KOLKATA

Before: SHRI GEORGE MATHAN & SHRI RAKESH MISHRA

For Respondent: DR. Assessee represented by : Akkal Dudhwewala, FCA

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

This appeal filed by the Revenue is against the order of the Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as Ld. 'CIT(A)'] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for AY 2011-12 dated 21.07.2023. 1.1 The Registry has informed that the appeal is delayed, although the number of days of delay is not mentioned. However, along with the appeal memo, the Assessing Officer (“the Ld. AO”) has filed an application seeking condonation of delay. The reasons mentioned are that the ASR was submitted for approval of the PCIT for filing the appeal before the Trib

The order continues below.

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