M/S. AMTEK RING GEARS LTD.,NEW DELHI vs. DCIT, NEW DELHI

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ITA 1435/DEL/2015Status: DisposedITAT Delhi17 May 2019AY 2011-122 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that due to the moratorium imposed under the Insolvency and Bankruptcy Code, the appeals filed by both the assessee and the revenue cannot be proceeded with. The appeals were dismissed without prejudice to the parties' right to revive them later.

What were the facts?

The assessee company is undergoing insolvency resolution under the Insolvency and Bankruptcy Code, 2016. A moratorium has been declared, preventing the continuation of any pending suits or legal proceedings against the corporate debtor.

What were the issues?

Whether appeals can be proceeded with when a moratorium is in effect under the Insolvency and Bankruptcy Code, 2016.

Which sections of the Income-tax Act were involved?

Section 14

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “A”: NEW DELHI

Before: SMT BEENA A PILLAI & SHRI PRASHANT MAHARISHI

For Appellant: Dr. Rakesh Gupta, Adv, Shri Somil Agarwal, Adv
For Respondent: Shri Raman Chopra, CIT DR, Dr. Rakesh Gupta, Adv, Shri Somil Agarwal, Adv
Hearing: 16/05/2019Pronounced: 17/05/2019

O R D E R PER PRASHANT MAHARISHI, A. M. 1. These appeals have been filed by the assessee as well as by the revenue for respective years. 2. At the time of hearing, the ld AR submitted the order passed by the National Company Law Tribunal, New Delhi, Principal Bench vide CP No. (IB)-531(PB)/2017 dated 16/3/2018 u/s 7 of the Insolvency and Page | 1

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