KSK Energy Ventures Limited, Hyderabad V. Addl.CIT, Range-2, Hyderabad, Hyderabad

ITA 109/Hyd/2015

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 0922 (ITAT-HYDERABAD)
• Duration Of Justice: 7 year(s) 8 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-10-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB-A
• Next Hearing Date: 11-10-2022
• Assessment Year: 2010-2011
• Appeal Filed On: 29-01-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

आयकर अपीलीय अिधकरण, हैदराबाद पीठ मŐ IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A”, HYDERABAD BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER & SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA No. & Asst. Year Appellant Respondent 109/Hyd/2015 2010-11 M/s. KSK Energy Ventures Ltd., Hyderabad. PAN AACCK0220B Addl. CIT, Range-2, Hyderabad. 111/Hyd/2015 2010-11 DCIT, Circle 2(1), Hyderabad. M/s. KSK Energy Ventures Ltd., Hyderabad. 1119/Hyd/2017 2013-14 DCIT, Circle 2(1), Hyderabad. M/s. KSK Energy Ventures Ltd., Hyderabad. 867 to 869/ Hyd/2019 2014-15 to 2016-17 DCIT, Circle 2(1), Hyderabad. M/s. KSK Energy Ventures Ltd., Hyderabad. Assessee by: Smt. S. Sandhya, Advocate. Revenue by: Shri Rajendra Kumar, CIT-DR Date of hearing: 12.10.2022 Date of pronouncement: 13.10.2022 आदेश / ORDER PER BENCH : These appeals are filed by the assessee and Revenue directed against the separate orders of Commissioner of Income Tax (Appeals)-2, Hyderabad for the Assessment Years 2010-11, 2013-14 and ITA Nos.109 & 111/Hyd/2015; 1119/Hyd/2017 and 867 to 869/Hyd/2019 Page 2 of 3 2014-15 to 2016-17. Since common issues are involved in all these appeals, for the sake of convenience we proceed to dispose off by this consolidated order. 02. Heard both the parties and perused the material on record. 03. At the outset, we find that the issues raised in the present appeals both by assessee and revenue have become academic as Hon’ble National Company Law Tribunal (NCLT) vide order dt.28.04.2021 in IA No.112 of 2021 in CP (IB) 675/7/HDB of 2018 disposed of the corporate Insolvency Resolution Proceedings, approving the Resolution Plan, wherein it was observed that all the income tax proceedings and liabilities initiated against the assessee cannot be proceeded with and no demand is enforceable vide para No.14(4) which reads as under : “14(4) The Applicant shall not be responsible for any other claims, liabilities or obligations, under any guarantees, etc. payable by the Corporate Debtor as on this date to the creditors or any stakeholders ITA Nos.109 & 111/Hyd/2015; 1119/Hyd/2017 and 867 to 869/Hyd/2019 Page 3 of 3 including the Government dues. All the liabilities of the Corporate Debtor as on date stands extinguished, qua the Applicant.” Therefore, the appeals filed by the assessee and revenue stand dismissed. 04. In the result, the appeals of assessee and Revenue are dismissed. Order pronounced in the open court on this the 13th Oct., 2022. Sd/- Sd/- (K. NARASIMHA CHARY) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER Hyderabad, Dated: 13/10/2022 * Reddy gp Sr.PS Copy forwarded to : S.No Addresses 1. M/s. KSK Energy Ventures Limited, No.8-2-293/82/A/431/A, Road No.22, Jubilee Hills, Hyderabad – 500 033 2 Addl.CIT, Range 2, Hyderabad / DCIT, Circle 2(1), Hyderabad. 3 CIT(Appeals) – 2, Hyderabad. 4 Pr.CIT – 2, Hyderabad. 5 DR, ITAT, Hyderabad Benches 6 Guard File. By Order