Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, DELHI BENCH “G” NEW DELHI
Before: SHRI SHAMIM YAHYA & SHRI CHALLA NAGENDRA PRASAD
िनधा�रतीक�ओरसे / Assessee by : Shri Markandey Kumar Singh, Advocate; राज�वक�ओरसे / Department by Shri B. M. Singh, Sr. D. R.; : सुनवाईक�तारीख/ Date of hearing 26.04.2023 : उ�ोषणाक�तारीख/Pronouncement 26.04.2023 on : आदेश / O R D E R PER BENCH :
These appeals are filed by the Revenue against the order of the ld. Commissioner of Income Tax (Appeals)-4 [hereinafter 1
ITA. Nos. 1229 TO 1232/Del/2022 referred to CIT (Appeals)] Kanpur, dated 14.02.2022 for assessment years 2009-10, 2010-11, 2013-14 and 2014-15 in deleting the additions made by the Assessing Officer in respect of loans received by the assessee, share application money introduced by the assessee.
At the time of hearing the ld. Counsel submitted that the Tribunal for the assessment year 2009-10 in dismissed the appeal of the assessee by order dated 24.02.2023 for the reason that National Company Law Tribunal (NCLT) Principal Bench, New Delhi, had admitted the application in terms of section 7 of Insolvency and Bankruptcy (IBC), 2016 and imposed moratorium as envisaged under the provisions of section 14(1) of IBC. The ld. Counsel submits that following the order of the Tribunal the present appeals of the Revenue may also be dismissed as infructuous.
The ld. DR has no serious objection in following the order of the Tribunal for the assessment year 2009-10 and treating the appeals as infructuous. However, he requested that liberty may be given to the Revenue to revive the appeals after the proceedings before the NCLT are concluded. 4. We have heard the rival submissions perused the order of the Tribunal for the assessment year 2009-10 in ITA. No. 651/Del/2022. We observe that the Tribunal dismissed the appeal of the assessee for the assessment year 2009-10 observing that the matter has reached NCLT, Principal Bench, New Delhi, in IB-1035(PB)/2020 dated 4.03.2022 and the Tribunal had admitted the application in terms of section 7 of IBC, 2016 moratorium as per the provisions of ITA. Nos. 1229 TO 1232/Del/2022 section 14(1) of IBC and hence the appeal was dismissed as infructuous. Considering the rival contentions and following the order of the Tribunal we treat these appeals as dismissed with liberty to the parties to seek revival of these appeals on final conclusion of the proceedings before the NCLT. 5. In the result, these appeals are dismissed as indicated above. Order pronounced in the open court on : 26/04/2023.