DCIT, NEW DELHI vs. M/S. AMRAPALI SILICON CITY PVT. LTD., NOIDA

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ITA 4840/DEL/2014Status: DisposedITAT Delhi07 April 2021AY 2011-122 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the Revenue's appeal due to the moratorium granted under the Insolvency and Bankruptcy Code. The dismissal was with liberty to pursue the matter after the insolvency proceedings conclude.

What were the facts?

The Revenue filed an appeal against the CIT(A)'s order deleting additions made by the AO. The assessee company was undergoing insolvency proceedings, and a moratorium was granted.

What were the issues?

Whether the appeal can proceed when a moratorium is in place under the Insolvency and Bankruptcy Code, prohibiting the continuation of pending suits.

Which sections of the Income-tax Act were involved?

Section 14A (Insolvency and Bankruptcy Code)

AI-generated summary — verify with the full judgment below

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

Before: SHRI AMIT SHUKLA & SHRI PRASHANT MAHARISHI

For Appellant: Ms. Paramita M. Viswas, CIT DR
For Respondent: Ms. Paramita M. Viswas, CIT DR
Hearing: 07/04/2021Pronounced: 07/04/2021

O R D E R PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the revenue against order of the learners CIT(A), New Delhi dated 16/06/2014 for Assessment Year 2011-12 raising following grounds of appeal:- “1. The order of Ld. CIT (A) is not correct in law and facts.

2. On the facts and circumstances of the case the Ld. CIT (A) has erred in deleting the addition of Rs.34,36,105/- made by AO on account of Sale of scrap.

3. On the facts and circumstances of the case the Ld. CIT (A) has erred in deleting the addition of Rs.39,31,992/- made by AO on account of interest on fixed deposit.

4. On the facts and circumstances of the case the Ld. CIT (A) has erred in deleting the addition of Rs.2,00,00,000/- made by AO on account of bogus purchases which were capitalized.”

2. The above company is undergoing insolvency proceedings u/s 7 of the Insolvency and Bankruptcy Act, 2016 vide order dated 04/09/2017 passed by the National Company Law Tribunal, New Delhi principal bench. The petition of the corporate creditor is admitted and IRP has been appointed. As per para 23 of the order the moratorium under section 14A Page | 1

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