M/S SRITHIK ISPAT PRIVATE LIMITED,SANGUEM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), PANAJI
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 Accordingly, the tribunal dismissed the appeal as withdrawn, granting the assessee leave to revive it later if necessary.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
IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, GOA BEFORE HON’BLE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER आयकर अपील सं. ITA No. 278/PAN/2019 निर्धारण वर्ा / 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 ITA No. 278/PAN/2019, 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.
ITAT-Panaji Page 2 of 4
M/s Srithik Ispat Pvt. Ltd. Vs ACIT ITA No. 278/PAN/2019, AY: 2015-16
The recalled matter was posted for hearing from time to time viz; 26/05/2025, 05/06/2025, 23/07/2025 & 30/07/2025. The appellant assessee vide letter dt. 16/09/2025 prayed for withdrawal of appeal, which was received by the registry on 17/09/2025 as under;
ITAT-Panaji Page 3 of 4
M/s Srithik Ispat Pvt. Ltd. Vs ACIT ITA No. 278/PAN/2019, AY: 2015-16 5. On 22/08/2025 the bench could not function. On the strength of
withdrawal letter, the appellant assessee company opted out from
appearance on this scheduled hearing date. In view thereof, the Ld. DR
Mr Madesha reiterated the contents of the withdrawal application filed by
the appellant assessee and solidifying the facts & request of the appellant
expressed Revenue’s no objection in permitting the withdrawal of appeal
and thus prayed for dismissing the appeal as withdrawn.
In view of aforestated admitted facts, we dismiss the present appeal
of the appellant assessee company as withdrawn with a grant of leave to
revive the same in accordance with the provisions of law, if necessitates.
In result, the appeal of the assessee is DISMISSED as withdrawn.
U/r 34 of ITAT Rules, order pronounced in the open court on the date mentioned herein above.
-S/d- -S/d- PAVAN KUMAR GADALE G. D. PADMAHSHALI JUDICIAL MEMBER ACCOUNTANT MEMBER Panaji, Dated : 27th day of October, 2025 Copy of the Order forwarded to : 1.अपीलधर्थी / The Applicant 2. प्रत्यर्थी / The Respondent. 3. The CIT-(A)/NFAC Concerned. 4. The Pr.CIT, Panaji 5. DR, ITAT, Bench, Panaji 6.गधर्ाफ़धइल / Guard File.
By Order Sr. Private Secretary ITAT, Panaji. ITAT-Panaji Page 4 of 4
