Addl. CIT, SPECIAL RANGE- 6, New Delhi V. Moser Baer Solar Ltd., New Delhi

ITA 3669/DEL/2018

AI Insights

The case involves an appeal by the Addl. CIT Special Range-6, New Delhi against Moser Baer Solar Ltd., concerning the assessment year 2011-12. The appeal was directed against the order of the CIT(A)-33, New Delhi dated 11.12.2017. The central issue in the appeal was the financial distress of Moser Baer Solar Ltd., which led to the Central Bank of India filing an application under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The NCLT admitted the application and appointed an Insolvency Resolution Professional. The tribunal dismissed the revenue's appeal, noting the ongoing CIRP.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 116317 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 11 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-04-2023
• Appeal Filed By: Department
• Order Result: DismissedDismissed
• Bench Allotted: E
• Next Hearing Date: 26-04-2023
• Assessment Year: 2011-2012
• Appeal Filed On: 14-05-2018
• Laws Referred To: Insolvency and Bankruptcy Code 2016
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SH. N. K. BILLAIYA, ACCOUNTANT MEMBER AND SH. ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.3669/Del/2018 Assessment Year: 2011-12 Addl. CIT Special Range-6 New Delhi Vs Moser Baer Solar Ltd. 43B Okhla Industrial Area, Phase-III, New Delhi PAN No.AAECP1955A (APPELLANT) (RESPONDENT) Appellant by None Respondent by Ms. Sarita Kumari, CIT DR Date of hearing: 27/04/2023 Date of Pronouncement: 27/04/2023 ORDER PER N. K. BILLAIYA, AM: This appeal by the revenue is preferred against the order of the CIT(A)-33, New Delhi dated 11.12.2017 pertaining to A.Y.2011-12. 2. We find that in the case of the assessee Central Bank of India had filed an application before the Principal Bench of the NCLT u/s. 7 of the Insolvency and Bankruptcy Code 2016 for 2 Initiating Corporate Insolvency Resolution Process against the company. 3. We further find that vide order dated 14.11.2017 the NCLT admitted the application and appointed Ms. Ritu Rastogi as Insolvency Resolution Professional. 4. In the light of the above facts this appeal by the revenue is dismissed. However, as and when the final outcome of the dispute comes the revenue may approach this Tribunal as per the provisions of the law. The appeal is accordingly dismissed. 5. Decision announced in the open court in the presence of both the parties on 27.04.2023. Sd/- Sd/- [ANUBHAV SHARMA] [N.K. BILLAIYA] JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: .04.2023 *Neha* Copy forwarded to: 1. Appellant 2. Respondent 3. CITi 4. CIT(A) 5. DR Asst. Registrar ITAT, New Delhi