DY. C.I.T. CENTRAL CIR.-1(3), NAGPUR vs. M/S GIGEO CONSTRUCTION CO.PVT. LTD, NAGPUR

ITA 486/NAG/2016Status: DisposedITAT Nagpur09 September 2024AY 2007-08Bench: SHRI V. DURGA RAO (Judicial Member)9 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that due to the moratorium declared by the NCLT, all proceedings against the assessee are prohibited. Therefore, the appeals filed by both the revenue and the assessee are dismissed.

What were the facts?

The assessee company, M/s. Gigeo Construction Co. Pvt. Ltd., is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT) has prohibited all pending proceedings against the corporate debtor.

What were the issues?

Whether pending appeals before the ITAT can continue when the assessee company is under insolvency proceedings and a moratorium has been imposed by the NCLT.

Which sections of the Income-tax Act were involved?

Section 14,Section 238,Section 178

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Cases cited in this judgment(7)Show list

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Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI V. DURGA RAO & SHRI K.M. ROY, ACCOUNTANT, MEMBER

For Appellant: Shri Manoj G. Moryani a/w, Shri Bhavesh Moryani
For Respondent: Shri Kailash C. Kanojiya

PER K.M. ROY, A.M.

The Revenue has filed appeals for the assessment year 2007–08 and 2009–10, which arose out of the impugned orders of even date 21/06/2016, and the assessee has also filed its appeal for the assessment year 2003–04,

M/s. Gigeo Construction Co. Pvt. Ltd. which arose out of the impugned order dated 28/12/2016. All these appeals have been passed by the learned CIT(A)–3,

The order continues below.

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