Case Law Details
Shrenuj & Co Limited Vs ACIT (ITAT Mumbai)
We found as per the provisions of Sec. 14 of IBC-2016 till the conclusion of proceedings under IBC-2016 no suit or proceedings can be continued against the corporate debtor. Considering the facts and circumstances, we are of the opinion that there is no point in proceeding with the appeals filed by the assessee and the revenue and also keeping the appeals pending is also a continuation of proceedings. We consider the provisions of section 4 of IBC-2016 Laws and the facts of filling of petition before the NCLT Mumbai by the Creditors. Accordingly, we dismiss the appeals filed by the assessee and the revenue.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
These are the appeals filed by the assessee and for A.Y.2010-11 the revenue has filed across appeal. Against the separate orders of Deputy Commissioner of Income-tax passed u/sec 143(3) r.w.s. 144C (13) of the Income-tax Act in pursuance to the directions of the DRP u/s 144C (5) of the Income-tax Act.
2. At the time of hearing, the Ld.DR has brought to the knowledge of the bench that a letter was received from the counsel of the assessee that the assessee has been referred to the Corporate Insolvency Resolution Process as per IBC 2016 laws. We consider it appropriate to refer the letter filed dated 11/12/2018 as under:-
3. We found as per the provisions of Sec. 14 of IBC-2016 till the conclusion of proceedings under IBC-2016 no suit or proceedings can be continued against the corporate debtor. Considering the facts and circumstances, we are of the opinion that there is no point in proceeding with the appeals filed by the assessee and the revenue and also keeping the appeals pending is also a continuation of proceedings. We consider the provisions of section 4 of IBC-2016 Laws and the facts of filling of petition before the NCLT Mumbai by the Creditors. Accordingly, we dismiss the appeals filed by the assessee and the revenue. Further we grant the liberty to both the parties, if they so desire to move an application to recall the present order after the completion of insolvency resolution process.
4. In the result, the appeals filed by the assessee and the revenue are dismissed.
Order pronounced in the open court on 17/05/2022
