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Income Tax Appellate Tribunal, HYDERABAD BENCHES “A”, HYDERABAD
Before: SHRI INTURI RAMA RAO & SHRI K. NARASIMHA CHARY
आदेश / ORDER PER BENCH : These appeals are filed by the assessee and Revenue directed against the separate orders of Commissioner of Income Tax (Appeals)-2, Hyderabad for the Assessment Years 2010-11, 2013-14 and & 111/Hyd/2015; 1119/Hyd/2017 and 867 to 869/Hyd/2019 2014-15 to 2016-17. Since common issues are involved in all these appeals, for the sake of convenience we proceed to dispose off by this consolidated order.
Heard both the parties and perused the material on record.
At the outset, we find that the issues raised in the present appeals both by assessee and revenue have become academic as Hon’ble National Company Law Tribunal (NCLT) vide order dt.28.04.2021 in IA No.112 of 2021 in CP (IB) 675/7/HDB of 2018 disposed of the corporate Insolvency Resolution Proceedings, approving the Resolution Plan, wherein it was observed that all the income tax proceedings and liabilities initiated against the assessee cannot be proceeded with and no demand is enforceable vide para No.14(4) which reads as under :
“14(4) The Applicant shall not be responsible for any other claims, liabilities or obligations, under any guarantees, etc. payable by the Corporate Debtor as on this date to the creditors or any stakeholders & 111/Hyd/2015; 1119/Hyd/2017 and 867 to 869/Hyd/2019 including the Government dues. All the liabilities of the Corporate Debtor as on date stands extinguished, qua the Applicant.”
Therefore, the appeals filed by the assessee and revenue stand dismissed.
In the result, the appeals of assessee and Revenue are dismissed. Order pronounced in the open court on this the 13th Oct., 2022.