TATA STEEL BSL LTD (FORMERLY KNOWN AS BHUSHAN STEEL LTD.),NEW DELHI vs. DCIT, CENTRAL CIRCLE- 3, NEW DELHI

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ITA 9063/DEL/2019Status: DisposedITAT Delhi17 January 2025AY 2014-15Bench: any authority or tribunal etc., the present appeals cannot be taken for further adjudication. She submitted that the appeals filed by the revenue against the assessee have been dismissed for the above assessment years, by this Tribunal vide order dated 14th June 2024.4 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the National Company Law Tribunal (NCLT) had approved a resolution plan and granted a moratorium. Relying on Supreme Court decisions regarding the Insolvency and Bankruptcy Code (IBC), the Tribunal decided to remand the appeals to the Assessing Officer to take necessary steps as per Section 156A of the Act.

What were the facts?

The appeals by both the Revenue and the assessee were filed against the orders of the CIT(A) for Assessment Years 2014-15 and 2015-16. The assessee's counsel submitted that a Co-ordinate Bench had granted relief in quantum appeals, restoring the matter to the Assessing Officer.

What were the issues?

Whether proceedings can continue when an NCLT resolution plan is approved and a moratorium is in place, and the necessity of remanding the matter to the AO under Section 156A of the Act.

Which sections of the Income-tax Act were involved?

Section 156A

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Income Tax Appellate Tribunal, DELHI BENCHES ‘F’ DELHI

For Appellant: Shri Dheeraj Kumar, CA
For Respondent: Ms. Suman Malik CIT-DR

आदेश क' /ितिल0प अ1े0षत आदेश क' /ितिल0प अ1े0षत/Copy of the Order forwarded to : आदेश क' /ितिल0प अ1े0षत आदेश क' /ितिल0प अ1े0षत 1. अपीलाथ3 / The Appellant 2. /4यथ3 / The Respondent. 3. आयकर आयु5(अपील) / The CIT(A)- 4. आयकर आयु5 / CIT 5. 0वभागीय /ितिनिध, आयकर अपीलीय अिधकरण, �द�ली / DR, ITAT, Delhi, 6. गाड" फाईल / Guard file.

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