Kilburn Chemicals Limited , Kolkata V. A.C.I.T.,CO.Circle-11(4), Chennai

ITA 131/KOL/2020

AI Insights

Kilburn Chemicals Limited appealed against the orders of the Commissioner of Income Tax (Appeals)-4, Kolkata, for the assessment years 2002-2003 to 2006-2007. The appeals were rendered infructuous due to the initiation of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Resolution Plan submitted by Meghmani Organics Limited was approved by the NCLT, which led to the extinguishment of all liabilities of Kilburn Chemicals prior to the date of the NCLT order. Consequently, the assessee requested the withdrawal of the appeals, which was not opposed by the Departmental Representative.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 129569 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 4 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-06-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 13-06-2023
• Assessment Year: 2006-2007
• Appeal Filed On: 30-01-2020
• Laws Referred To: Insolvency and Bankruptcy Code, 2016
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

ITA Nos. 127-131/KOL/2020 Assessment Years: 2002-2003 to 2006-2007 Kilburn Chemicals Limited 1 IN THE INCOME TAX APPELLATE TRIBUNAL, ‘B’ BENCH, KOLKATA Before Shri Rajesh Kumar,Accountant Member & Shri Sonjoy Sarma, Judicial Member I.T.A. Nos. 127, 128, 129, 130 & 131/KOL/2020 Assessment Years: 2002-2003 to 2006-2007 Kilburn Chemicals Limited,......................Appellant 8, Camac Street, Shantiniketan, 16 th Floor, Kolkata-700017 [PAN: AAACK1427A] -Vs.- Assistant Commissioner of Income Tax,....Respondent Co. Circle-11(4), Chennai, Room No. 514, New Block, 121, M.G. Road, Nungambakkam, Tamil Nadu-600034 Appearances by: N o n e, appeared on behalf of the assessee Shri P.P. Barman, Addl. CIT, Sr.D.R., appeared on behalf of the Revenue Date of concluding the hearing : June 14, 2023 Date of pronouncing the order: June 28, 2023 O R D E R Per Bench:- The assessee is in appeals before the Tribunal against the orders of ld. Commissioner of Income Tax(Appeals)-4, Kolkata all dated 26.11.2019 for A.Ys. 2002-03 to 2006-07. ITA Nos. 127-131/KOL/2020 Assessment Years: 2002-2003 to 2006-2007 Kilburn Chemicals Limited 2 2. A letter was placed before the Bench on 12 th June, 2023 written by the Authorized Signatory of the assessee-company, wherein it has been stated that the Corporate Insolvency Resolution Process (in short ‘CIRP’) was initiated in the case of appellant under the Insolvency and Bankruptcy Code, 2016 and subsequently the Resolution Plan of Meghmani Organics Limited (‘Resolution Applicant’) was approved by the Hon’ble National Company Law Tribunal vide order dated 16 th December, 2021a copy of which is attached as Annexure 1 & 2 of the said letter. It was stated in the said letter that prior to the date of the order, all the liabilities shall stand extinguished and hence these appeals become infructuous and may be allowed to be withdrawn. 3. The ld. D.R. did not oppose facts as narrated above in the written communication. 4. After considering the facts on record especially the letter dated 12.06.2023 and the order dated 16 th December, 2021 passed by the NCLT, we find merit in the petition moved by the assessee’s ld. Authorized Representative that all the liabilities prior to the date of order i.e. 16.12.2021 stand extinguished and hence, these appeals become infructuous and may be allowed to be withdrawn. Accordingly, we dismiss these appeals as withdrawn. ITA Nos. 127-131/KOL/2020 Assessment Years: 2002-2003 to 2006-2007 Kilburn Chemicals Limited 3 5. In the result, all the appeals of the assessee are dismissed. Order pronounced in the open Court on 28 th June, 2023. Sd/- Sd/- Sonjoy Sarma (Rajesh Kumar) Judicial Member Accountant Member Kolkata, the 28 th day of June, 2023 Copies to : (1) Kilburn Chemicals Limited, 8, Camac Street, Shantiniketan, 16 th Floor, Kolkata-700017 (2) Assistant Commissioner of Income Tax, Co. Circle-11(4), Chennai, Room No. 514, New Block, 121, M.G. Road, Nungambakkam, Tamil Nadu-600034 (3) Commissioner of Income Tax(Appeals)-4, Kolkata; (4) Commissioner of Income Tax-; (5) The Departmental Representative (6) Guard File TRUE COPY By order Assistant Registrar, Income Tax Appellate Tribunal, Kolkata Benches, Kolkata Laha/Sr. P.S.