Punj Llyod Ltd., New Delhi V. DCIT, New Delhi

ITA 4191/DEL/2016

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 1259 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 4 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-12-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2008-2009
• Appeal Filed On: 29-07-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAMAN CHOPRA
• Assessee Lawyers: RAJAT JAIN CA SHRI AKSHAT JAIN

Judgement Text

PAGE | 1 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH I - 2 : NEW DELHI BEFORE SHRI KULDIP SINGH , JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA NO. 4222 TO 4225 /DEL/2016 (ASSESSMENT YEAR: 2007 - 08 TO 2010 - 11 ) ACIT, CENTRAL CIRCLE - 25, NEW DELHI VS. PUNJ LLOYD LTD, 17 - 18, PUNJ LLOYD HOUSE, NEHRU PLACE, NEW DELHI PAN: AAACP0305Q (APPELLANT) (RESPONDENT) ITA NO. 4190 TO 4193/DEL/2016 (ASSESSMENT YEAR: 2007 - 08 TO 2010 - 11 ) PUNJ LLOYD LTD, 17 - 18, PUNJ LLOYD HOUSE, NEHRU PLACE, NEW DELHI PAN: AAACP0305Q VS. ACIT, CENTRAL CIRCLE - 25, NEW DELHI (APPELLANT) (RESPONDENT) REVENUE BY: SHRI RAMAN CHOPRA, CIT DR ASSESSEE BY : SHRI RAJAT JAIN, CA SHRI AKSHAT JAIN, CA DATE OF HEARING 09/12/2019 DATE OF PRONOUNCEMENT 1 6 / 12 / 2019 O R D E R PER BENCH 1. THESE ARE THE BUNCH OF EIGHT APPEALS PERTAINING TO THE SAME ASSESSEE WHOSE CASES ARE LYING BEFORE THE NATIONAL COMPANY LAW TRIBUNAL UNDER THE INSOLVENCY AND BANKRUPTCY CODE , 2016 . FOUR APPEALS ARE FILED BY REVENUE FOR A SSESSMENT YEARS 2007 - 08 TO 2010 - 11. ACCORDING TO THE PROVISION OF SECTION 14 OF THE INSOLVENCY AND BANKRUPTCY CODE , 2016 THE PROCEEDINGS AGAINST THE ASSESSEE CANNOT BE CONTINUED. IN VIEW OF THIS , ALL THE FOUR AP PEALS FILED BY THE LD ASSESSING OFFICER AGAINST THE COMPANY ARE DISMISSED WITH A LIBERTY TO THE REVENUE TO FILE THE SAME, IF SO ADVISED AFTER THE MORATORIUM PERIOD END S . HENCE, WE DISMISS APPEALS FILED BY THE REVENUE. PAGE | 2 2. WITH RESPECT TO APPEALS FILED BY THE ASSESSEE SAME ARE NOT MAINTAINABLE IN VIEW OF THE FACT THAT ASSESSEE HAS BEEN REFERRED TO UNDER THE PROVISIONS OF INSOLVENCY AND BANKRUPTCY CODE , 2016 AND COMMITTEE OF CREDITORS WILL INSTRUCT THE INSOLVENCY RESOLUTION PROFESSIONAL WHETHER TO PROCEED IN THIS MATTER OR NOT. AT PRESENT THE APPEALS FILED BEFORE US ARE SIGNED BY THE DIRECTORS OF THE COMPANY , WHO ARE NOW NOT AUTHORIZED TO PURSUE THE SAME. IN VIEW OF THIS , ALL THE APPEALS FILED BY THE ASSESSEE ARE ALSO DISMISSED WITH A LIBERTY TO ASSESSEE TO FI LE THE SAME THROUGH , INSOLVENCY RESOLUTION PROFESSIONAL , AS AND WHEN THE COMMITTEE OF CREDITORS AUTHORIZES HIM TO DO SO. HENCE, THE APPEALS FILED BY THE ASSESSEE ARE ALSO DISMISSED. 3. IN THE RESULT ALL EIGHT APPEALS FOR FOUR ASSESSMENT YEARS FILED BY THE REVENUE AND THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 1 6 / 12 / 2019 . - SD/ - - SD/ - ( KULDIP SINGH ) (PRASHANT MAHARISHI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 1 6 / 12 / 2019 A K KEOT COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI