DCIT, CENTRAL CIRCLE- 2, NEW DELHI vs. INTERNATIONAL RECREATION AND AMUSEMENT LTD., NEW DELHI

The appeals are preferred by the Revenue against the order dated 15.02.2018 of Commissioner of Income Tax (Appeals)-28, New Delhi (hereinafter referred as Ld. First Appellate Authority or in short Ld. ‘FAA’) in appeal No.354 & 355/17-18 arising out of an appeal before it against the orders dated 30.12.2016 passed u/s 153A r.w.s 143(3) of the Income Tax Act, 1961

Heard and perused the record. None appeared for the assessee and the record shows that notices have been repeatedly issued. Accordingly, no more opportunity is justifiable. The ld. DR pointed out that in assessee’s own case for AYs 2012-13, 2013-14 and 2014-15, vide 993 & 994/Del/2018, order dated 12th January, 2023, the Revenue’s appeals have been dismissed for statistical purposes on the basis of the fact that insolvency proceedings have been initiated against the Respondent assessee under the relevant provisions of Insolvency and Bankruptcy Code, 2016 and the resolution plan stands approved.

In the light of the aforesaid admitted facts, no substance is left in the Revenue’s claim as the same becomes part of the resolution plan. Accordingly, the appeals of the Revenue is dismissed for statistical purposes, however, with a liberty for restoration of the appeals in case there is any order under the Insolvency and Bankruptcy Code, 2016 in favour of the Revenue. Order pronounced in the open court on 16.11.2023. Sd/- Sd/- (M. BALAGANESH) (ANUBHAV SHARMA) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated: 16th November, 2023. dk