SHRENUJ & CO. LTD, MUMBAI V. DCIT 5(3), MUMBAI

ITA 32/MUM/2015

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 2215 (ITAT-MUMBAI)
• Duration Of Justice: 7 year(s) 4 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-05-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: J
• Assessment Year: 2010-2011
• Appeal Filed On: 04-01-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 143(3); 144C

Judgement Text

1 Shrenuj & Co IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J”, MUMBAI BEFORE SHRI M. BALAGANESH (ACCOUNTANT MEMBER) AND SHRI PAVAN KUMAR GADALE (JUDICIAL MEMBER) I.T.A No.5352/Mum/2012 - A.Y. 2008-09 I.T.A No.473/Mum/2014 - A.Y. 2009-10 I.T.A No.32/Mum/2015 - A.Y. 2010-11 I.T(TP)A No.2069/Mum/2016 - A.Y. 2011-12 I.T(TP)A No.1210/Mum/2017 - A.Y. 2012-13 M/s Shrenuj & Co Limited 405, Dharam Palace 100/ 103, N.S. Patkar Marg Mumbai-400 007 PAN : AAACS0690P vs Asst.Commissioner of Income-tax, Circle -5(3)(1), Room No.519 Aayakar Bhavan, M.K. Road Mumbai-400 020 APPELLANT RESPONDENT I.T.(T.P.)A. No.835/Mum/2019 (Assessment Year : 2010-11) Deputy Commissioner of Income- tax, Circle -5(3)(1), Room No.519 Aayakar Bhavan, M.K. Road Mumbai-400 020 vs M/s Shrenuj & Co Limited 405, Dharam Palace 100/ 103, N.S. Patkar Marg Mumbai-400 007 PAN : AAACS0690P APPELLANT RESPONDENT 2 Shrenuj & Co Assessee represented by None Department represented by Shri. Vinod Tamwani.DR Date of hearing 11/05/2022 Date of pronouncement 17/05/2022 O R D E R Per Bench: These are the appeals filed by the assessee and for A.Y.2010-11 the revenue has filed across appeal. Against the separate orders of Deputy Commissioner of Income-tax passed u/sec 143(3) r.w.s. 144C (13) of the Income- tax Act in pursuance to the directions of the DRP u/s 144C (5) of the Income-tax Act. 2. At the time of hearing, the Ld.DR has brought to the knowledge of the bench that a letter was received from the counsel of the assessee that the assessee has been referred to the Corporate Insolvency Resolution Process as per IBC 2016 laws. We consider it appropriate to refer the letter filed dated 11/12/2018 as under:- 3 Shrenuj & Co 4 Shrenuj & Co 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 the appeals filed by the assessee and the revenue and also keeping the appeals pending is also a continuation of proceedings. We consider the provisions of section 4 of IBC-2016 Laws and the facts of filling of petition before the NCLT Mumbai by the Creditors. Accordingly, we dismiss the appeals filed by the assessee and the revenue. Further we grant the liberty to both the parties, if they so desire to move an application to recall the present order after the completion of insolvency resolution process. 4. In the result, the appeals filed by the assessee and the revenue are dismissed. Order pronounced in the open court on 17/05/2022 Sd/- sd/- (M. BALAGANESH) (PAVAN KUMAR GADALE) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Dt : 17 May, 2022 Pavanan 5 Shrenuj & Co 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