PUNJ LLYOD LTD.,NEW DELHI vs DCIT, NEW DELHI

Income Tax Appellate Tribunal, DELHI BENCH “I-2”: NEW DELHI

Before: SHRI KULDIP SINGH & SHRI PRASHANT MAHARISHI

For Appellant: Shri Rajat Jain, CA, Shri Akshat Jain, CA

For Respondent: Shri Raman Chopra, CIT DR, Shri Rajat Jain, CA, Shri Akshat Jain, CA

Hearing: 09/12/2019Pronounced: 16/12/2019

O R D E R PER BENCH 1. These are the bunch of eight appeals pertaining to the same assessee whose cases are lying before the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016. Four appeals are filed by revenue for Assessment years 2007-08 to 2010-11. According to the provision of section 14 of the Insolvency and Bankruptcy Code, 2016 the proceedings against the assessee cannot be continued. In view of this, all the four appeals filed by the ld Assessing Officer against the company are dismissed with a liberty to the revenue to file the same, if so advised after the moratorium period ends. Hence, we dismiss appeals filed by the revenue. Page | 1

PUNJ LLYOD LTD.,NEW DELHI vs. DCIT, NEW DELHI