M/S SRITHIK ISPAT PRIVATE LIMITED,SANGUEM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), PANAJI

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ITA 278/PAN/2019Status: DisposedITAT Panaji27 October 2025AY 2015-16Bench: SHRI PAVAN KUMAR GADALE (Judicial Member), SHRI G. D. PADMAHSHALI (Accountant Member)4 pages

AI SummaryDismissed

Facts

M/s Srithik Ispat Pvt. Ltd. appealed against a CIT(A) order for AY 2015-16, which arose from an assessment order under section 143(3). The appeal was initially dismissed ex-parte as the assessee failed to appear due to ongoing insolvency proceedings and management issues. The ex-parte order was later recalled by the tribunal following a Miscellaneous Application under section 254(2) after finding the assessee's reasons sufficient and bonafide.

Held

During subsequent hearings, the assessee filed a letter requesting to withdraw its appeal. The Revenue had no objection to the withdrawal. Accordingly, the tribunal dismissed the appeal as withdrawn, granting the assessee leave to revive it later if necessary.

Key Issues

Whether the ex-parte order passed earlier should be recalled due to assessee's insolvency issues; and whether to allow the assessee's request to withdraw the appeal.

Sections Cited

Section 253(1) of the Income Tax Act, 1961, Section 250 of the Income Tax Act, 1961, Section 143(3) of the Income Tax Act, 1961, Section 254(2) of the Income Tax Act, 1961, Rule 24 of ITAT Rules, 1963

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PANAJI BENCH, GOA

Before: HON’BLE SHRI PAVAN KUMAR GADALE & SHRI G. D. PADMAHSHALI

Pronounced: 27/10/2025

Assessment Year : 2015-16 M/s Srithik Ispat Pvt. Ltd. Plot No. 03, Sangam Industrial Estate, Sanguem, Goa-403704. PAN : AAICS1765P . . . . . . . Appellant बिधम / V/s Asstt. Commissioner of Income Tax Circle-2(1), Panaji. . . . . . . . Respondent द्वधरध / Appearances Assessee by : None for the Assessee Revenue by : Mr Madesha [‘Ld. DR’] सुिवधई की तधरीख / Date of conclusive Hearing : 27/10/2025 घोर्णध की तधरीख / Date of Pronouncement : 27/10/2025 आदेश / ORDER PER G. D. PADMAHSHALI, AM; The present appeal of the assessee is instituted u/s 253(1) of the Income Tax Act, 1961 [‘the Act’ in short] challenging the order dt. 30/08/2019 passed by the Commissioner of Appeals, Panaji-1, Goa [‘Ld. CIT(A)’ in short] u/s 250 of the Act which in turn arisen from the order of assessment dt. 29/12/2017 passed u/s 143(3) of the Act by the Asstt. Commissioner of Income Tax, Circle 2(1), Panaji [‘Ld. AO’ in short] anent to assessment year 2015-16 [‘AY’ in short] ITAT-Panaji Page 1 of 4

M/s Srithik Ispat Pvt. Ltd. Vs ACIT AY: 2015-16 2. The case was called out twice; none appeared at the behest of the appellant assessee. Having regard to facts of the case and issue involved, with the able assistance from Revenue, in the absence of appellant assessee we deem it appropriate to proceed ex-parte u/r 24 of ITAT Rules, 1963. Noting the no objection of the respondent revenue we advanced accordingly.

We note that, this appeal in first round came for consideration which the Ld. Co-ordinate bench vide order dt. 18/07/2023 disposed of the appeal ex-parte in the absence of assessee. The appellant assessee sought to recall the Tribunal’s ex-parte order through filing of Miscellaneous Application u/s 254/(2) of the Act. Upon effective representation by the assessee company that, owning to ongoing insolvency proceedings under Insolvency & Bankruptcy Act, the management of the board was suspended till disposal of matter by the Ld. National Company Law Tribunal, and further upon resumption of management the directors/board was mainly occupied in re-instating the operations, therefore notices issued during such proceedings went unattended, the Ld. Co-ordinate bench finding the stated reasons as sufficient & bonafide, vide its order dt. 05/05/2025 in MA 08/PAN/2025 recalled the erstwhile ex-parte order passed in ITA 278/PAN/2019.