D.CI.T.,CENTRAL CIRCLE-4(1), KOLKATA vs. M/S IMPEX FERRO TECH LTD., KOLKATA

ITA 1521/KOL/2019Status: DisposedITAT Kolkata27 October 2025AY 2014-15Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAKESH MISHRA (Accountant Member)12 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that due to the provisions of the Insolvency and Bankruptcy Code (IBC), 2016, which has an overriding effect, the appeals could not continue. The resolution applicant starts with a clean slate, and all litigations come to a stop, making the appeals infructuous.

What were the facts?

The Income Tax Appellate Tribunal (ITAT) heard cross-appeals by the Revenue and the assessee for AY 2014-15. The assessee's appeal was initially delayed, but the delay was condoned by the Tribunal. The core of the dispute involved additions made by the Assessing Officer (AO) concerning share capital, premium, and transfer pricing adjustments.

What were the issues?

Whether the appeals can proceed in light of the overriding provisions of the IBC, 2016, and the moratorium imposed during the corporate insolvency resolution process (CIRP).

Which sections of the Income-tax Act were involved?

Section 68,Section 145(3),Section 250,Section 143(3),Section 144C,Section 238,Section 31,Section 13,Section 14,Section 178(6),Section 60(6)

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

Before: SHRI GEORGE MATHAN & SHRI RAKESH MISHRA

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

These two cross-appeals filed by the Revenue and the assessee are against the order of the Commissioner of Income Tax (Appeals)-22, Kolkata [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 2014- 15 dated 29.03.2019, which has been passed against the assessment order u/s 144C/143(3)/145(3) of the Act, dated 26.12.2017. Since both I.T.A. Nos.: 1521 & 1640/KOL/2019 Assessment Year: 2014-15 M/s. Impex Ferro Tech Lt

The order continues below.

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