SVIIT SOFTWARE PVT. LTD.,NEW DELHI vs. DCIT, CENTRAL CIRCLE- 32, NEW DELHI

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ITA 5898/DEL/2018Status: DisposedITAT Delhi21 April 2023AY 2013-142 pages
AI SummaryDismissed

What did the Tribunal hold?

The ITAT noted that the NCLT had passed an order approving a resolution plan. Consequently, the Tribunal found no useful purpose in continuing the present proceedings.

What were the facts?

The Income Tax Appellate Tribunal (ITAT) was hearing cross-appeals filed by the assessee and the Revenue. A Financial Creditor had filed an application before the National Company Law Tribunal (NCLT) under the Insolvency & Bankruptcy Code, 2016.

What were the issues?

The primary issue was whether the ITAT proceedings should continue after the NCLT approved a resolution plan under the Insolvency & Bankruptcy Code.

Which sections of the Income-tax Act were involved?

Section 30(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘G’, NEW DELHI

Before: Dr. B. R. R. KumarSh. Yogesh Kumar US

For Appellant: Dr. Rakesh Gupta, Adv. &
Hearing: 01.03.2023Pronounced: 21.04.2023

Heard together (8 matters)

ITA No. 4357/Del/2018
ITA No. 5898/Del/2018
ITA No. 5899/Del/2018
ITA No. 6241/Del/2018
ITA No. 4285/Del/2018
ITA No. 6129/Del/2018
ITA No. 6130/Del/2018
ITA No. 6131/Del/2018

Read from the judgment's own cause title. This page is filed under one of them.

Per Dr. B. R. R. Kumar, Accountant Member:

1.

The Cross Appeals have been filed by the assessee and the Revenue against the orders of ld. CIT(A)-31, New Delhi dated 28.03.2018, 12.07.2018, 16.07.2018 & 31.07.2018.

, 4357, 5898, 5899, 2 6129, 6130, 6131 & 6241/Del/2018 SVIIT Software Pvt. Ltd.

2.

Both the ld. AR and ld. DR have brought to our notice that a Financial Creditor had applied application u/s 30(6) of the Insolvency & Bankruptcy Code, 2016 before National Company Law Tribunal (NCLT), Principal Bench, New Delhi in IA/4574/2020 in (IB)-1395(PB)/2019 and an order has been passed by the NCLT on 31.05.2021 for approving resolution plan. The ld. Counsel for the assessee further submitted that a consequential appropriate order may be passed in the above appeals.

3.

In view of the above order passed by the NCLT, no useful purpose is going to serve in continuing the present proceedings. Hence, we dismiss all the appeals filed by the assessee and the Revenue. However, liberty is granted to the assessee/revenue to seek remedial measures in accordance with law as and when it is necessary to do so in the interest of justice.

4.

In the result, all the appeals of the assessee and the revenue are dismissed. Order Pronounced in the Open Court on 21/04/2023.

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