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Facts
The Assessee filed an appeal challenging the CIT(A)'s order that dismissed their appeal against a penalty order. During the hearing, the Assessee's representative moved an application to withdraw the appeal due to an inadvertent error and because the Corporate Debtor is in CIRP (Corporate Insolvency Resolution Process) under the Insolvency and Bankruptcy Code.
Held
The Tribunal noted the application for withdrawal of the appeal. It was stated that the appeal was filed due to an inadvertent error and that the Corporate Debtor is under moratorium due to CIRP. Therefore, the Assessee requested no further action.
Key Issues
Whether the appeal should be dismissed as withdrawn based on the assessee's request and the ongoing CIRP proceedings.
Sections Cited
271(1)(c) of the Income Tax Act, 1961, Section 9 of the Insolvency and Bankruptcy Code, 2016, section 14 of Insolvency and Bankruptcy Code 2016
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, E BENCH, MUMBAI
SIN THE INCOME TAX APPELLATE TRIBUNAL "E" BENCH, MUMBAI SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER Triumvirate Sons Enterprises Private Limited, 5002. Plot No. 91/94, Prabhat Colony, Santacruz, Mumbai – 400055. [PAN: AAFCA6654R] …………. Appellant Vs Deputy Commissioner of Income Tax, Circle 14(1)(2), Room No. 455, 4th floor, Aayakar Bhavan, New Marine Lines, Mumbai- 400020. …………. Respondent Appearance For the Appellant : Shri Jitendra Sanghavi Shri Amit Khatiwala For the Department : Shri P.D. Chougule Date Conclusion of hearing : 10.09.2024 Pronouncement of order : 13.09.2024 O R D E R Per Rahul Chaudhary, Judicial Member:
1. 1. By way of the present appeal the Assessee has challenged the order, dated 19/03/2024, passed by the National Faceless Appeal Centre (NFAC), Delhi, [hereinafter referred to as the ‘CIT(A)’], whereby the Ld. CIT(A) had dismissed the appeal of the Assessee against the Penalty Order, dated 30/08/2016, passed under Section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’).
2. When the appeal was taken up for hearing, the learned Authorised Representative for the Appellant being represented through Insolvency Resolution Professional, Shri Rathin Majmudar, moved Assessment Year: 2013-14 an application, dated 09/09/2024, seeking withdrawal of the Appeal. Along with the aforesaid application a copy of order, dated 20/10/2023, passed by the National Company Law Tribunal- Mumbai Bench,Court– V inCP(IB) / 120(M B) / 2023 has also been placed on record which shows that Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 filed by operational creditor (i.e. Global Wind Infrastructure and Services Private Limited) has been admitted and Shri Rathin Majmudar has been appointed as Interim Resolution Professional. In the application it has been stated as under: “This is regarding the appeal made by Resolution Professional for Assessment Year 2013-14 against demand of Rs. 5,85,740/-. This is to inform that the appeal was made due to inadvertent error by us.
This is to bring to your kind note that the Corporate Debtor i.e. M/s Triumvirate Sons Enterprises Private Limited is in CIRP since 20th October 2023 and hence it is in moratorium under section 14 of Insolvency and Bankruptcy Code 2016. In view of the above we consider our appeal filed for Assessment Year 2013-14 as withdrawn and request for no action in this regard.”
In view of the above, the present Appeal is dismissed as withdrawn.