M/s. KSL AND INDUSTRIES LTD., MUMBAI V. DCIT CENT. CIR. - 5(3), MUMBAI

ITA 1341/MUM/2018

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 9809 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 6 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-09-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Assessment Year: 2008-2009
• Appeal Filed On: 05-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

1 M/s KSL and Industries Ltd., Mumbai IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE (JUDICIAL MEMBER) AND SHRI AMARJIT SINGH (ACCOUNTANT MEMBER) I.T.A No.1341/Mum/2018 - A.Y. 2008-09 I.T.A No.1367/Mum/2018 - A.Y. 2009-10 I.T.A No.1368/Mum/2018 - A.Y. 2010-11 I.T.A No.1342/Mum/2018 - A.Y. 2011-12 I.T.A No.1343/Mum/2018 - A.Y. 2012-13 M/s. KSL and Industries Ltd 11/12, Krishna House, Raghuvanshi Mills Compound, SenapatiBapat Marg, Lower Parel, Mumbai - 400013. vs DCIT, Central Circle – 5(3) Air India Bldg, 19 th Floor, Room No. 1906, Nariman Point, Mumbai -400021. APPELLANT RESPONDENT I.T.A. No.1258/Mum/2019 (Assessment Year: 2012-13) DCIT, Central Circle – 5(3) Air India Bldg, 19 th Floor, Room No. 1906, Nariman Point, Mumbai - 400021. vs M/s. KSL and Industries Ltd 11/12,Krishna House, Raghuvanshi Mills Compound,SenapatiBapat Marg, Lower Parel, Mumbai -400013. APPELLANT RESPONDENT Assessee represented by None Department represented by Shri Manoj Kumar, CIT DR & Shri Tejinder Pal Singh, Sr. AR 2 M/s KSL and Industries Ltd., Mumbai Date of hearing 07/09/2022 Date of pronouncement 07/09/2022 O R D E R Per Bench: These are the appeals filed by the assessee and the revenue against the common order of Commissioner of Income-tax (Appeals) -53 Mumbai. 2. At the time of hearing, the Ld. DR has brought to the knowledge of the bench that, the assessee has been referred to the Corporate Insolvency Resolution Process as per IBC- 2016 Laws. Further the order passed by the National Company Law Tribunal (NCLT),Ahmedabad dated 06.09.2019 was brought on record. 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 these appeals filed by the assesse and the revenue and also keeping the appeals pending is also a continuation of proceedings. 3 M/s KSL and Industries Ltd., Mumbai 4. Accordingly, we considering the provisions of section14 of IBC-2016 Laws and the order of the NCLT dismiss the appeals filed by the Assessee &Revenue. Further we grant the liberty to the appellant/assessee/revenue to move an application to recall the present order after the moratorium is over as per the provisions of IBC-2016 laws. 5. In the result, the appeals filed by the assessee and the revenue are dismissed. Order pronounced in the open court on 07/09/2022 Sd/- Sd/- (AMARJIT SINGH) (PAVAN KUMAR GADALE) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Dt : 07 Sep, 2022 KRK, PS 灹ितिलिप 灹ितिलिप灹ितिलिप 灹ितिलिप अ灡ेिषत अ灡ेिषतअ灡ेिषत अ灡ेिषतCopy of the Order forwarded to : 1. अपीलाथ牸/The Appellant , 2. 灹ितवादी/ The Respondent. 3. आयकर आयु猴(अ)/ The CIT(A)- 4. आयकर आयु猴 CIT 5. िवभागीय 灹ितिनिध, आय.अपी.अिध., मुबंई/DR, ITAT, Mumbai 6. गाड榁 फाइल/Guard file. BY ORDER, //True Copy// Asstt. Registrar / Senior Private Secretary ITAT, Mumbai