ACIT CENTRAL CIR-2(1) MUMBAI, MUMBAI vs. M/S WIZCRAFT INTERNATIONAL ENTERTAINMENT PVT. LTD, MUMBAI

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ITA 1514/MUM/2021Status: DisposedITAT Mumbai22 March 2021AY 2014-153 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that no proceedings can be continued against a corporate debtor during the insolvency resolution process. Therefore, the appeal filed by the Revenue could not be proceeded with.

What were the facts?

The Revenue filed an appeal against the deletion of an addition made by the Assessing Officer. The assessee company was undergoing corporate insolvency resolution process under the IBC-2016.

What were the issues?

Whether an appeal filed by the Revenue can be continued against a company undergoing corporate insolvency resolution process under the IBC-2016.

Which sections of the Income-tax Act were involved?

Section 14 of IBC-2016

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

For Respondent: Shri Jasbir S. Chouhan, CIT DR
Hearing: 14.03.2022Pronounced: 22.03.2022

O R D E R PER PRASHANT MAHARISHI, AM:

1.

This appeal is filed by the Asst. Commissioner of Income- tax, Central Circle-2(1), Mumbai for Assessment Year 2014-15 raising the solitary grievance for deletion of addition with respect to provision of ₹17,49,68,217/-.

2.

At the time of hearing, the assessee has filed a letter dated 15th February, 2022, wherein the assessee has enclosed the order passed by the NCLT, Mumbai dated 27th October, 2021, wherein the assessee has been referred to the corporate insolvency resolution process according to IBC-2016.

4.

In view of this, we find no merit that at this stage the appeal filed by the learned Assessing Officer can be proceeded with. Even keeping this appeal pending before us ialso continuation of proceedings. In view of this, we dismiss the appeal filed by the learned Assessing Officer in terms of provisions of section 14 of IBC-2016 with a liberty to the learned Assessing Officer that as soon as the moratorium is over, he may prefer the appeal afresh or may file application for recall of this order.

5.

In the result, the appeal filed by the learned Assessing Officer is dismissed.

Order pronounced in the open court on 22.03.2022.

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