ACIT, New Delhi V. M/s. Amtek Crank Shaft Ltd., New Delhi

ITA 5016/DEL/2014

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 6975 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 10 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2009-2010
• Appeal Filed On: 12-09-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CI TAXXXIII NEW DELHI A YS AND

Judgement Text

1 ITA NO. 5016 TO 5018/DEL/2014 ITA NO. 4935 TO 4937/D EL/2014 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: A NEW DELHI BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDI CIAL MEMBER I.T.A. NO. 5016 T O 5018/DEL/2014 A.Y. 2009-10, 2010-11, 2011-12 ACIT CENTRAL CIRCLE-14 NEW DELHI (APPELLANT) VS . M/S. AMTEK CRANK SHAFT LTD. 4, LSC, BHANOT APARTMENTS, PUSHP VIHAR NEW DELHI PAN : AACCA7535P (RESPONDENT) I.T.A. NO. 4935 T O 4937/DEL/2014 A.Y. 2009-10, 2010-11, 2011-12 M/S. AMTEK CRANK SHAFT LTD. 4, LSC, BHANOT APARTMENTS, PUSHP VIHAR NEW DELHI PAN : AACCA7535P (APPELLANT) VS. DCIT CENTRAL CIRCLE-14, NEW DELHI (RESPONDENT) ORDER PER SUCHITRA KAMBLE, JM THESE APPEALS HAVE BEEN FILED BY THE ASSESSEE AS WE LL AS THE REVENUE AGAINST THE ORDER DATED 26.03.2014 PASSED BY THE CI T(A)-XXXIII, NEW DELHI FOR A.YS. 2009-10, 2010-11 AND 2011-12 RESPECTIVELY. APPELLANT BY DR. RAKESH GUPTA, ADV. RESPONDENT BY SH. SANJAY GOYAL, CIT-DR DATE OF HEARING 31.07.2019 DATE OF PRONOUNCEMENT 31.07.2019 2 ITA NO. 5016 TO 5018/DEL/2014 ITA NO. 4935 TO 4937/D EL/2014 2. AT THE TIME OF HEARING, THE LD. AR SUBMITTED TH E ORDER PASSED BY THE NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI, PRINCIPAL BENCH VIDE CP NO. (IB)- 531(PB)/2017 DATED 16/3/2018 U/S 7 OF THE INSOLVENC Y AND PAGE | 1 BANKRUPTCY CODE, 2016. ACCORDING TO THAT ORDER INSO LVENCY RESOLUTION PROFESSIONAL HAS BEEN APPOINTED FOR THE REVIVAL OF THE COMPANY. HE FURTHER REFERRED TO PARA NUMBER 25 OF THAT PARTICULAR ORDER WHEREIN THE NCLT HAS DECLARED MORATORIUM IN TERMS OF SECTION 14 OF INSOL VENCY AND BANKRUPTCY CODE. HE THEREFORE SUBMITTED THAT THERE IS A COMPLETE PRO VISION IMPOSED FOR INSTITUTION OR CONTINUATION OF ANY PENDING SUIT AGA INST THE CORPORATE DEBTOR INCLUDING THE EXECUTION OF ANY JUDGMENT IN ANY COUR T OF LAW OR TRIBUNAL ET CETERA. HE THEREFORE SUBMITTED THAT TILL CORPORATE INSOLVENCY RESOLUTION PROCESS IS COMPLETED AS PAID BY FINANCIAL CREDITOR (STATE B ANK OF INDIA IN THE PRESENT CASE) THE ABOVE APPEALS BY THE ASSESSEE OR AGAINST THE ASSESSEE CANNOT BE PROCEEDED WITH. 3. THE LD. DR DID NOT CONTESTED THESE FACTS NARRATE D BY THE LD. AR. 4. WE HAVE HEARD BOTH THE PARTIES AND PERUSED ALL THE RELEVANT MATERIAL AVAILABLE ON RECORD. IT IS PERTINENT TO NOTE THAT A CCORDING TO THE PROVISION OF SECTION 14 OF THE INSOLVENCY AND BANKRUPTCY CODE , 2016 THE MORATORIUM HAS BEEN DECLARED AND THE CONTINUATION OF ANY PENDI NG SUIT IS BARRED. THEREFORE TILL THE INSOLVENCY PROCESS CONTINUES THE SE APPEALS CANNOT BE PROCEEDED WITH. THEREFORE, TILL THE COMPANY IS REVI VED IN TERMS OF THE ACT ANY APPEAL FILED BY THE ASSESSEE AND THE REVENUE BECOME S INFRUCTUOUS. THEREFORE WE DISMISS ALL THE APPEALS FILED BY THE ASSESSEE AS WELL AS THE REVENUE, HOWEVER, IN THE INTEREST OF JUSTICE, WE GIVE LIBERT Y TO THE ASSESSEE AS WELL AS TO THE REVENUE TO FILE AN APPLICATION FOR REVIVAL OF T HESE APPEALS AS AND WHEN THE MORATORIUM PERIOD IS OVER OR REVIVAL OF THE COMPANY TAKES PLACE. MEANWHILE, ALL THE APPEALS FILED BY THE ASSESSEE AS WELL AS BY THE REVENUE ARE DISMISSED. 3 ITA NO. 5016 TO 5018/DEL/2014 ITA NO. 4935 TO 4937/D EL/2014 5. IN RESULT, ALL THE APPEALS FILED BY THE ASSESSEE AND THE REVENUE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST JULY, 2019 . SD/- SD/- (N. K. BILLAIYA) (SUCHITRA KAMBLE) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 31/07/2019 *BINITA* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI 4 ITA NO. 5016 TO 5018/DEL/2014 ITA NO. 4935 TO 4937/D EL/2014 DATE OF DICTATION 15 .07.2019 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 16 .07.2019 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. PS/PS DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. PS/PS DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT DATE ON WHICH THE FILE GOES TO THE BENCH CLERK DATE ON WHICH THE FILE GOES TO THE HEAD CLERK