OASIS AGRO INFRA LIMITED ,BATHINDA vs. PR. COMMISSIONER OF INCOME TAX , BATHINDA
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Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR
Before: DR. M. L. MEENA & SH. ANIKESH BANERJEE
Per Dr. M. L. Meena, AM:
The captioned appeal is filed by the assessee against the order of the
ld. Pr. Commissioner of Income Tax, Bathinda dated 06.03.2017 for Assessment Year: 2013-14.
2 ITA No. 210/Asr/2017 Oasis Agro Infra Ltd. v. Pr. CIT 2. At the outset, the ld. counsel for the assessee has submitted that the
assessee company was engaged in plantation of popular trees on land
taken on lease in Haryana and has been dissolved by the NCLT vide its
order dated 26.03.2021.
The counsel further stated that the company has been finally
dissolved by the order dated 21.03.2020 of Chandigarh Bench of the
Hon’ble NCLT wherein it has been held as under:
“Para 20(i):- “M/s Agro Infra Ltd., the Corporate Debtor, is hereby dissolved with immediate effect”. Copy of the order has been placed in the (Paper Book Pages 1 to 7)
The ld. AR has further submitted that it is settled principle of law as
enunciated by the Apex Court in the matter of M/s Oasis Agro Infra Ltd. in
IA No. 572/2020 in CP (IB) Bi, 60/Chd/Pb/2017 dated 26.03.2021 and
Madras High Courts that once the petition filed under “Insolvency and
Bankruptcy Code, 2016” is admitted by NCLT and moratorium is declared,
no proceedings can be initiated or continue on the corporate debtor. He
requested that the proceedings may be abated.
3 ITA No. 210/Asr/2017 Oasis Agro Infra Ltd. v. Pr. CIT 5. Per contra, the ld. DR submitted that the appellate proceedings may
be abated with a right to the Revenue to proceed with the recovery of the
demand out of the assets of the Assessee Company/Corporate Debtor.
We have heard the rival contentions, perused the material on record
and the impugned order. Admittedly, the appellant company has been
dissolved vide order dated 26.03.2021 of the Chandigarh Bench of Hon’ble
NCLT vide para 20(i) by observing that M/s Oasis Agro Infra Ltd., the
Corporate Debtor, is hereby dissolved with immediate effect. It is settled
principle of law as enunciated by the Hon’ble Apex Court that once the
petition is admitted by NCLT under Insolvency and Bankruptcy Code, 2016
is admitted by NCLT and moratorium is declared, no proceedings can be
initiated or continued on the corporate debtor. In view of that matter, the
captioned appellate proceeding against the appellant assessee is abated
with immediate effect. However, the department shall have right to recover
the tax liability out of the assets of the corporate debtor. Accordingly, the
appeal of the assessee stands abated.
4 ITA No. 210/Asr/2017 Oasis Agro Infra Ltd. v. Pr. CIT 7. In the result, the appeal of the assessee is disposed of in the terms
indicated as above.
Order pronounced in the open court on 23.08.2023
Sd/- Sd/- (Anikesh Banerjee) (Dr. M. L. Meena) Judicial Member Accountant Member *GP/Sr.PS*
Copy of the order forwarded to: (1) The Appellant: (2) The Respondent: (3) The CIT(Appeals) (4) The CIT concerned (5) The Sr. DR, I.T.A.T. True Copy By Order
