DCIT, CIRCLE - 3(1), KOLKATA , KOLKATA vs. M/S. R. PIYARELALL IMPORT & EXPORT LTD., KOLKATA

आयकर अपील�य अ�धकरण, कोलकाता पीठ ‘सी’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member and Shri Rakesh Mishra, Accountant Member I.T.A. Nos.690&691/Kol/2018 Assessment Years: 2011-12 & 2012-13 M/s R. Piyarelall Import & Export Ltd....................…...……………....Appellant 12, Govt. Place (E), Kolkata – 700069. [PAN:AABCR2695G] vs. ACIT, Range-3, Kolkata…….……………............................…..…..... Respondent I.T.A. No.695/Kol/2018 Assessment Year: 2011-12 DCIT, Circle-3(1), Kolkata.....................................…...……………....Cross-Objector vs. M/s R. Piyarelall Import & Export Ltd …….…......................…..…..... Respondent 12, Govt. Place (E), Kolkata – 700069. [PAN:AABCR2695G] Appearances by: None appeared on behalf of the assessee. Shri Rakesh Kumar Das, CIT-DR, appeared on behalf of the Revenue. Date of concluding the hearing : June 03, 2024 Date of pronouncing the order : June 03, 2024 आदेश / ORDER संजय गग�, �या�यक सद�य �वारा / Per Sanjay Garg, Judicial Member: The captioned are the cross-appeals against the order dated 04.01.2018 of the Commissioner of Income Tax (Appeals)-1, Kolkata [hereinafter referred to as ‘CIT(A)’] for assessment year 2011-12, one preferred by the assessee and the other by the revenue bearing ITA No.690/Kol/2018 & ITA No.695/Kol/2018 respectively; whereas ITA No.691/Kol/2018 is the appeal of the assessee for assessment year 2012-13 against the order of the CIT(A) dated 28.12.2017. 2. No one has put in appearance on behalf of the assessee.

I.T.A. Nos.690&691/Kol/2018 Assessment Years: 2011-12 & 2012-13 I.T.A. No.695/Kol/2018 M/s R. Piyarelall Import & Export Ltd 3. It is found from the record that vide order dated 06.01.2021 of the National Company Law Tribunal, Kolkata (‘NCLT’) in IA(IB) No.1036/KB/2020 In CP(IB) No.230/KB/2019 in the matter of “State Bank of India vs. Rhytem Overseas Trade Limited”, on the application of Shri Yogesh Gupta, Resolution Professional seeking liquidation of the Corporate Debtor namely Rhytem Overseas Trade Limited (the assessee herein), the Hon’ble NCLT has ordered the corporate debtor (the assessee) to be liquidated in terms of section 33(2) of Insolvency & Bankruptcy Code, 2016 and as per the order dated 06.01.2021, the NCLT has declared a moratorium against the initiation of any suit or legal proceedings against the assessee. Thereafter, a letter has been received from CA Neeraj Agrawal from ‘Agarwal Neeraj & Associates’, whereby, it has been informed that the assessee company namely ‘Rythem Overseas Trade Limited’ underwent a dissolution process as per the legal protocols and regulations governing such proceedings. A copy of the dissolution order of the NCLT dated 17.10.2023 has been placed on file, whereby, as per para 26 of the said order, it has been observed that the affairs of the Corporate Debtor (the assessee) has been completely wound up and its assets have been completely liquidated and the bank account has also been closed and accordingly the Hon’ble NCLT has ordered for dissolution of the assessee company and further as per para 28 of the said order, the Liquidator stand discharged from his responsibilities subject to all procedural compliances. 4. In view of the aforesaid dissolution order passed by the Hon’ble NCLT in IA(IBC)100(KB)2023 In CP(IB)/230(KB)2019 dated 17.10.2023, the assessee company has been dissolved and its assets also stand liquidated and distributed. In view of the above, the captioned appeals have become infructuous and the same are accordingly dismissed.

I.T.A. Nos.690&691/Kol/2018 Assessment Years: 2011-12 & 2012-13 I.T.A. No.695/Kol/2018 M/s R. Piyarelall Import & Export Ltd 5. In the result, the captioned appeals stand dismissed. Kolkata, the 3rd June, 2024.

Sd/- Sd/- [Rakesh Mishra] [Sanjay Garg] लेखा सद�य/Accountant Member �या�यक सद�य/Judicial Member Dated: 03.06.2024. RS Copy of the order forwarded to: 1. M/s R. Piyarelall Import & Export Ltd 2. (i) ACIT, Range-3, Kolkata (ii) DCIT, Circle-3(1), Kolkata 3.CIT (A)- 4. CIT- , 5. CIT(DR),

//True copy// By order Assistant Registrar, Kolkata Benches