DCIT -3(3)(2), MUMBAI V. VIDEOCON INDUSTRIES LTD., MUMBAI

ITA 3344/MUM/2018

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 5801 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-07-2022
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2008-2009
• Appeal Filed On: 16-05-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “F”, MUMBAI BEFORE SHRI ABY T VARKEY, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA No.3280/M/2018 Assessment Year: 2009-10 ITA No.3344/M/2018 Assessment Year: 2008-09 ITA No.3343/M/2018 Assessment Year: 2008-09 ITA No.823/M/2019 Assessment Year: 2009-10 ITA No.3281/M/2018 Assessment Year: 2010-11 DCIT-3(3)(2), Room No.609, 6 th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400020 Vs. M/s. Videocon Industries Ltd., 171-C, 17 th Floor, C-Wing, Mittal Court, Nariman Point, Mumbai – 400021 PAN: AABCV4012H (Appellant) (Respondent) Present for: Assessee by : None Revenue by : Shri Prabhat Kumar Gupta, D.R. Date of Hearing : 13 . 07 . 2022 Date of Pronouncement : 19 . 07 . 2022 O R D E R Per Bench: These are the appeals filed by the Revenue against the different orders of the Commissioner of Income Tax (Appeals)-8, Mumbai. ITA No.3280/M/2018 M/s. Videocon Industries Ltd. 2 2. At the time of hearing, the Ld. D.R. 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. Since no one has attended from the side of the assessee it is noticed that vide letter dated 21.03.2022 the assessee has also informed that the National Company Law Tribunal has also passed an order under section 14 of Insolvency and Bankruptcy Code, 2016 declaring moratorium, which prohibits institution of suits or any continuation of pending suits or any judgment, decree, order in any court of law, Tribunal, arbitration panel or other authority against the respondent company. 3. We found as per the provisions of section 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 and non attendance of hearing by the assessee, we are of the opinion that there is no point in proceeding with the appeals filed by the Revenue and also keeping the appeals pending is also a continuation of proceedings. Accordingly, we, considering the provisions of section 14 of IBC-2016 laws and the order of the NCLT, dismiss the appeal filed by the Revenue with the liberty to the appellant/Revenue to recall the present appeal when the occasion warrants. 4. In the result, the appeals filed by the Revenue are dismissed. Order pronounced in the open court on 19.07.2022. Sd/- Sd/- (ABY T VARKEY) (AMARJIT SINGH) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai, Dated: 19.07.2022. * Kishore, Sr. P.S. ITA No.3280/M/2018 M/s. Videocon Industries Ltd. 3 Copy to: The Appellant The Respondent The CIT, Concerned, Mumbai The CIT (A) Concerned, Mumbai The DR Concerned Bench //True Copy// [ By Order Dy/Asstt. Registrar, ITAT, Mumbai.