KREUZ SUBSEA PTE LTD., MUMBAI V. THE DY CIT (INTERNATIONAL TAXATION)-3(1)(2), MUMBAI

ITA 1182/MUM/2021

AI Insights

Kreuz Subsea Pte Ltd., a company incorporated in Singapore, filed two appeals for the assessment years 2015-16 and 2018-19 against the ACI T, International Tax Circle, Mumbai. During the hearing, it was revealed that the company is undergoing a creditors' voluntary winding up under the Insolvency, Restructuring and Dissolution Act, 2018 of Singapore. The liquidator, Oon Su Sun, Lin Yueh Hung, was appointed to manage the winding up. Given the company's liquidation status, the appeals were dismissed as not maintainable, with an option for the liquidator to reinstate them by filing a revised Form No. 36 and an appropriate application for recall of the order.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 299666 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-04-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 26-04-2023
• Assessment Year: 2015-2016
• Appeal Filed On: 14-06-2021
• Laws Referred To: Insolvency, Restructuring and Dissolution Act, 2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Liquidation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI RAHUL CHAUDHARY, JM ITA No. 1182/MUM/2021 (Assess ment Year 2015-16) ITA No. 1246/MUM/2022 (Assess ment Year 2018-19) Kreuz Subsea Pte Ltd 16th Floor, The R uby, 29, senapati Bapat Marg, Dadar ( w) Mu mbai-400028 Vs. ACI T, International Tax Circle(1)(2) Roo m No. Assessee, 16the Floor, Air India building, Nari man Point, M u mbai 400021 (Appellant) (Respondent) PAN No. AABCA5234G Assessee by : Shri Milan Kapadia AR Revenue by : Shri Sou mendu Ku mar DR Date of hearing: 27.04.2023 Date of pronouncement : 28.04.2023 O R D E R PER Bench:- 1) These are two appeals filed by Kreuz Subsea Pte Ltd. (assessee/appellant) for assessment years 2015-16 and 2018-19. 2) The assessee is a company incorporated in Singapore. Page | 2 Publics Communication Ltd,:A.Y.09-10, 10-11, 11-12, 12-13 ITA No.1994/M/2014, 7523/M/2016, 462/M/2018, 588/M/2017, CO 180/M/2019 3) When these appeals were called for hearing today, the Ld. Counsel for the assessee intimated that the assessee company is currently in liquidation because of creditors voluntary winding up. The winding up proceedings are under process pursuant to section 180 of the Insolvency, Restructuring and Dissolution Act, 2018 [Singapore Law]. 4) The liquidator has been appointed by the name of Oon, Su Sun, Lin yueh Hung, Liquidators, c/o 8 wikie road, 03-08, wikie edge, Singapore 228095. 5) This information is also gathered from the official gadget dated 07.09.2022 of Government of Singapore. Copy of resolution is attached with this order. 6) Authorized signatory of that company has filed present appeals then. 7) Therefore, presently these appeals are not maintainable, as these are required to be reinstated by the liquidator, if he wants to pursue the same. 8) In view of these both appeals are dismissed, with liberty to the assessee i.e. liquidator to reinstate form no. 36, if it is found to expedient to contest these appeals. If such revised form no 36 is filed and an appropriate application is made for recall of this order, it may be recalled. Page | 3 Publics Communication Ltd,:A.Y.09-10, 10-11, 11-12, 12-13 ITA No.1994/M/2014, 7523/M/2016, 462/M/2018, 588/M/2017, CO 180/M/2019 9) In view of this, both the appeals are dismissed. Order pronounced in the open court on 28.04.2023 Sd/- Sd/- (RAHUL CHAUDHARY) (PRAS HANT M AHAR ISHI) (JUDIC IAL M EM BER) (ACC OUNTANT MEMB ER) Mumbai, Dated 28.04.2023 Sudip Sarkar, Sr.PS /Dragon Copy of the Order forwarded to: 1. The Appellant 2. The Respondent 3. The CIT(A) 4. CIT 5. DR, ITAT, Mumbai 6. Guard file. BY ORDER, True Copy// Sr. Private Secretary/ Asst. Registrar Income Tax Appellate Tribunal, Mumbai Page | 4 Publics Communication Ltd,:A.Y.09-10, 10-11, 11-12, 12-13 ITA No.1994/M/2014, 7523/M/2016, 462/M/2018, 588/M/2017, CO 180/M/2019 Friday, July 15,2022 First published in the government Gazette, Electronic Edition, on 12 July 2022 at 5 pm. IN THE MATTER OF THE INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018 (NO. 40 OF 2018) AND IN THE MATTER OF KREUZ SUBSEA MARINE PET. LTD. (In Creditors’ Voluntary Liquidation) Reg No. 200923669W NOTICE OF RESOLUTION At an Extraordinary General Meeting of the abovenamed company duly convened and held by way of electronic means on the 6 th day of July 2022, the Special Resolution set out below was duly passed: That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily and that Ms. Oon su Sun and Mr. Lin Yueh Hung, care of 8 Wilkie Road, #03-08 wilke Edge Singapore 228095 be and are hereby appointed joint and several Liquidators for the purposes of winding up the affairs of the Company. Date this 12the Day of July 2022 SEET SONNY Director