OSIAN CONNOISSEURS OF ART P. LTD., MUMBAI V. ASST. CIT CC-11, MUMBAI

ITA 2045/MUM/2020

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 9590 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-07-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2011-2012
• Appeal Filed On: 23-12-2020
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & SHRI S. RIFAUR RAHMAN, AM 1. आयकरअपीलसं./ I.T.A. No. 2045/Mum/2020 (ननधधारणवर्ा / Assessment Year: 2011-12) Oscian Connoisseurs of Art Pvt. Ltd. G-2B, Nariman Bhavan, Nariman Point, Mumbai-400 021 बनाम/ Vs. ACIT Cen. Cir-11, Room No. 1103, 11 th floor, CGO Building Annex, M. K. Road, Mumbai-400 020. स्थधयीलेखधसं./जीआइआरसं./PAN No. AAACO3687L (अपीलधथी/Appellant) : (प्रत्यथी / Respondent) अपीलधथीकीओरसे/ Appellant by : None प्रत्यथीकीओरसे/Respondent by : Shri Nihar Samal, Ld. DR सुनवधईकीतधरीख/ Date of Hearing : 07.07.2022 घोर्णधकीतधरीख / Date of Pronouncement : 07.07.2022 आदेश / O R D E R Per Amit Shukla, Judicial Member: The aforesaid appeal has been filed by the assessee against the order dated 20.10.2020, passed by Ld. CIT (Appeals)-48, Mumbai for the quantum of assessment passed u/s 143(3) for the 2 I.T.A. No. 2045/Mum/2020 Oscian Connoisseurs of Art Pvt. Ltd. AY 2011-12. Assessee has raised the ground on account of disallowance of Rs. 10,81,61,095/-. 2. From the perusal of relevant documents as well as impugned order, it is seen that there is a letter filed on behalf of assessee that IDBI bank, one of the lenders to the company, had filed petition before the NCLT under the IBC Code and NCLT has accepted the application of the bank and appointed an Interim Resolution Professional (IRP) and the board of directors have been superseded. NCLT has imposed the moratorium u/s 14 IBC. 3. Once, NCLT has imposed the moratorium u/s 14 IBC, then no proceedings can be initiated against the corporate debtor that is, assessee company including the present proceedings before this Tribunal or any Income Tax proceedings. It is well settled now that, IBC has overriding affect on all the acts including Income Tax Act which has been specifically provided u/s 178(6) of the I.T. Act as amended w.e.f. 01.11.2016. 4. Accordingly, the appeal filed by the assessee in the present circumstances, cannot be proceeded with, as revenue has also not sought any permission by the committee of creditors. Till the 3 I.T.A. No. 2045/Mum/2020 Oscian Connoisseurs of Art Pvt. Ltd. completion of moratorium period or upon the revival of corporate debtor as per the resolution plan approved by the adjudicating authority, the appeals filed by the assessee are treated as dismissed in limini. However, liberty is given to the parties to revive /restitute all the aforesaid appeals after the moratorium period expires or as approved by the adjudicating authority. 5. In the result, the appeals filed by the assessee is dismissed in limini. Orders pronounced in the open court on 7 th July, 2022. Sd/- Sd/- (S. Rifaur Rahman) (Amit Shukla) Accountant Member Judicial Member मुंबई Mumbai;नदनधंक Dated : 07/07/2022 Sr.PS. Dhananjay आदेशकीप्रतितितिअग्रेतिि/Copy of the Order forwarded to : 1. अपीलधथी/ The Appellant 2. प्रत्यथी/ The Respondent 3. आयकरआयुक्त(अपील) / The CIT(A) 4. आयकरआयुक्त/ CIT- concerned 5. नवभधगीयप्रनतनननध, आयकरअपीलीयअनधकरण, मुंबई/ DR, ITAT, Mumbai 6. गधर्ाफधईल / Guard File आदेशानुसार/ BY ORDER, .उि/सहायकिंजीकार (Dy./Asstt.Registrar) आयकरअिीिीयअतिकरण, मुंबई/ ITAT, Mumbai