CBS Holding (P) Ltd., Delhi V. ITO, New Delhi

ITA 2476/DEL/2017

• Counselvise Citation: [2024] 130 COUNSELVISE.COM (IT) 0299 (ITAT-DELHI)
• Duration Of Justice: 6 year(s) 10 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-03-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 20-03-2024
• Assessment Year: 2010-2011
• Appeal Filed On: 24-04-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: VIVEK KUMAR UPADHYAY
• Assessee Lawyers: VINAY KUMAR NIKHIL SACHDEVA; CHARTERED
• Section: 48; 20

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B” DELHI BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER I.T.A. No.2476/DEL/2017 Assessment Year 2010-11 CBS Holdings (P) Ltd. Office No.9, First Floor Rajdhani Enclave, Pitampura Delhi Vs. ITO Ward-5(4) New Delhi TAN/PAN: AADCC3702D (Appellant) (Respondent) Appellant by: Shri Vinay Kumar for Shri Nikhil Sachdeva, Chartered Accountant Respondent by: Shri Vivek Kumar Upadhyay, Sr.DR Date of hearing: 21 03 2024 Date of pronouncement: 21 03 2024 O R D E R PER PRADIP KUMAR KEDIA-AM: T h e c a pt i o ne d a p p e a l h a s b e e n f i l e d b y t h e A s s e s s ee a ga i n s t t he or d e r o f t he C om m i s s i on e r o f I nc o m e T a x ( A pp e a l s ) - II , N e w D e l hi (‘ C IT ( A ) ’ i n s h o r t ) da t e d 31 . 0 3. 2 0 15 a ri s in g f r o m the a s s e s s m e n t or d e r da t e d 28 . 03 . 2 01 3 p a s s e d b y t h e A s s e s s i n g O f f i c e r ( AO ) u n d e r Se c t i on 14 3 (3 ) o f t he I nc o m e T a x A c t , 1 9 6 1 (t h e A c t ) c o n c e rn i n g A Y 20 10 - 1 1 . 2. W h e n t he m a t t e r w a s c a l l e d f o r he a r i n g , i t w a s po i nt e d o ut o n be h a l f of a s s e s s e e t h a t p ro c e e di n gs u nd e r I n s o l ve n cy a nd B a nk r u p t c y C o d e , 2 0 1 6 ( I B C ) a r e i n c on t i nu a t i on a ga in s t t h e a ss e s s e e b e f o re N a t i on a l C om p a n y L a w T r ib u na l N e w D e l hi B e nc h a n d mo ra t o ri u m a s p e r t he pr o vi s i o ns o f Se c t i o n 14 of t h e I B C ha s b e e n gra n te d . A c o p y of t he or d e r of N C LT g ra n t i n g m o r a t o r i um ( pa r a 1 2 ) da t e d 16 . 0 1 . 2 0 2 4 p u r s u a nt t o p r oc e e d i n gs i n i t i a t e d u nd e r I B C C o de 2 0 16 w a s p la c e d on r e c or d . It w a s f u rt h e r p o i n t e d ou t t h a t a s p e r t h e o rd e r o f t he N C LT , m or a t o r i um un d e r Se c t i on 1 4 o f IB C 2 01 6 s h a l l h a ve e f f e c t f r o m 1 6. 0 1 . 2 0 24 t i l l t he c om p l e t i on o f C I R P o r u nt i l a p p ro va l of r e s o l u t i o n pl a n b y a dj u di c a t i n g I.T.A. No.2476/Del/2017 2 a ut h or i t y u n d e r Se c t i on 3 1 (1 ) o f IB C o r un t i l o r de r o f l i qu i d a t i o n o f t he a s s e s s e e c o m pa n y u n d e r S e c t i o n 3 3 o f IB C a s a c a s e m a y b e . I t ha s b e e n f u r th e r o rd e r e d t ha t pe n di n g s u i t s o r p r oc e e d i n g s aga i n s t t h e a s s e s s e e c om p a n y i nc l u di n g e x e c ut i o n o f a n y j ud gm e nt , d e c r e e o r o r de r i n a n y C o u rt o f l a w , T r i b u na l , a r bi t r a t i o n p e na l o r o t he r a ut h o r i t y, e t c . i s pr o hi b i te d . It w a s t h u s u r ge d t h a t t he a pp e a l s o f th e a s s e s s e e b e k e pt i n a be ya nc e o r i n t he a lt e r na t i ve w he r e t h e T r i bu na l di s p o s e s t h e s e a pp e a l s a li b e rt y be g ra n t e d t o a s s e s s e e t o s e e k re vi va l o f t he s e a p pe a l s a f t e r l i f t i n g o f m o r a t o r i u m . 4. T h e Ld . D R f o r t he R e ve n ue di d no t e x p r e s s a n y obj e c t i on to s u c h pl e a o f t h e a s s e s s e e . 5. I n t he l i g ht o f s t a t u t o r y p r o vis i on a n d i n t h e li gh t of d e c is i on o f t he H o n ' bl e Su p r e m e C ou r t i n t he c a s e o f P r . C I T V s . M o n n e t I s p a t a n d E ne r gy Li m i t e d ( 20 1 9 ) 1 0 7 t ax m a n n. c o m 48 1 a n d a l s o i n t h e l i ght o f t he o ve r r i d i n g na t u re o f p r o v i s i o n s o f t h e C o d e i n t e rms of s e c t i o n 23 8 of t he A c t , t h e a s s e s s e e i s e s to p pe d t o p u rs u e t h e c a p t i one d a p p e a l s . 6. F o r s uc h r e a s o n s , t h e a p pe a l s of t h e a s s e s s e e a re di s m i s s e d w i t h a l i be r t y t o t h e a s s e s s e e to s e e k r e m e di a l m e a s ur e s in a c c or d a n c e w i t h l a w a s a nd w h e n t he m o ra t o ri u m pe r i o d is o ve r o r r e vi val o f t h e a s s e s s e e c om p a n y t a k e s pl a c e . 7. I n t h e r e s ul t , t h e c a p t i o ne d a p p e a l s o f t h e a s s es s e e s ta n d di s m i s s e d. Order pronounced in the open Court on 21/03/2024 Sd/- Sd/- [KUL BHARAT] [PRADIP KUMAR KEDIA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: /03/2024 Prabhat