DCIT Vs Uttam Galva Steel Ltd. (ITAT Mumbai)
01. These are the six appeals filed by the Dy. Commissioner of Income tax, Circle 5(4), Mumbai, (the LD AO) for A.Ys. 2007–08 to 2012–13 in case of Uttam Galva Steels Ltd.
02. Today, at the time of hearing, the assessee preferred the application for adjournment of hearing where it has been stated that assessee is undergoing insolvency resolution The insolvency resolution professional has also been appointed and therefore the matters may be adjourned.
03. We find that in view of Section 14 of IBC 2016 no proceedings can continue against the corporate debtor during the pendency of insolvency proceedings.
04. The learned Departmental Representative also agreed to the above proposition. He further submitted that the department should be granted liberty to file appeal as soon as the insolvency proceedings are complete.
05. In view of the above facts and in terms of provisions of section 14 of IBC 2016, no proceedings can continue against the corporate debtor during pendency of insolvency proceedings. Therefore, we dismiss all these six appeals filed by the learned Assessing Officer with a liberty to file application for recalling this order as soon as the insolvency proceedings are over. In view of this, all the six appeals are dismissed.
06. In the result, all the six appeals filed by the learned Assessing Officer are dismissed.
Order pronounced in the open court on 04.05.2022.
