Sathya Sai Cold Storage P Ltd, Chennai V. ITO, Corp Ward 6(1), Chennai

ITA 580/CHNY/2019

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 8668 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 4 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-07-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 06-03-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: S N V LAKSHMI
• Keywords: Liquidation
• Section: 201; 22; 54

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: CHENNAI , , BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA , ACCOUNTANT MEMBER ./ I . T . A NO. 580 /CHNY/201 9 ASSESSMENT YEAR: 201 2 - 20 1 3 M/S. SATHYA SAI COLD STORAGE PRIVATE LIMITED, SHOP NO.T/F 109, ANNA FRUIT WHOLE SALE MARKET COMPLEX, KOYAMBEDU, CHENNAI 60 - 0 092. [PAN: AAJCS 7987C ] VS. THE INCOME TAX OFFI CER, CORPORATE WARD 6(1), CHENNAI 600 034. ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : MR S . N.V. LAKSHMI , ADVOCATE /RESPONDENT BY : M R . SURESH PERIASAMY , J CIT / DATE OF HEARING : 1 9 .07 .2021 / DATE OF PRONOUNCEMENT : 22. 0 7 .2021 / O R D E R PER V. DURGA RAO, JUDICIAL MEMBER : THIS APPEAL FILED BY THE ASSESSEE IS AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX , (APPEALS) - 1 5 , CHENNAI I N I.T.A. NO. 90/2015 - 16/CIT(A) - 15 DATED 2 8 . 11 .201 8 RELE VANT TO THE ASSESSMENT YEAR 201 2 - 201 3 . 2. WHEN THIS APPEAL WAS TAKEN UP FOR HEARING, THE LEARNED COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT IN VIEW OF THE ORDER PASSED BY THE I . T . A NO . 580 /CHNY/201 9 : - 2 - : NATIONAL COMPANY LAW TR IBUNAL, CHENNAI BY ORDER DATED 24 TH JULY, 2019, THIS APPEAL HAS BECOME INFRUCTUOUS. 3. THE LEARNED DEPARTMENTAL REPRESENTATIVE HAS NOT RAISED ANY OBJECTION. 4. WE HAVE HEARD BOTH THE SIDES, PERUSED THE MATERIALS AVAILABLE ON RECORD AND GONE THROUGH THE O RDERS OF THE AUTHORITIES BELOW. THE NATIONAL COMPANY LAW TRIBUNAL, CHENNAI HAS PASSED THE FOLLOWING ORDER VIDE ORDER NO.MA/666/2019 IN CP/850/IB/2018 FILED UNDER SECTION 33(1)(A) OF THE INSOLVENCY AND BANKRUPTCY CODE 2016 IN THE MATTER OF M/S. SATHYA SAYE E COLD STORAGE PRIVATE LIMITED, REPRESENTED BY RP VIZ. RAJASHREE SANTHANAM . THE RELEVANT PORTION OF THE ORDER IS EXTRACTED AS UNDER: 7. IT IS STATED THAT, THE COC IN ITS 4 TH MEETING HELD ON 30 TH APRIL, 2019, MADE DELIBERATIONS WITH RESPECT TO I) HEAVY L OSS INCURRED BY THE COMPANY DUE TO THE NATURAL CALAMITY I.E. VARDHA PUYAL AND ITS INABILITY TO RECOVER DUES FROM ITS DIRECTORS; (II) DISCONTINUED BUSINESS OPERATIONS FOR MORE THAN TWO YEARS; (C) NON - INTEREST SHOWN BY ANY RESOLUTION APPLICANT; AND D) NON - OW NING OF ANY ASSETS EXCEPT BANK BALANCE OF RS.6,127/ - (RUPEES SIX THOUSAND ONE HUNDRED AND TWENTY SEVEN ONLY) AND HAS DECIDED TO LIQUIDATE THE CORPORATE DEBTOR. THE OPERATIVE PART OF THE RESOLUTION PASSED BY THE COC READS AS FOLLOWS: CONSIDERING THE ABOVE FACTORS, THE COMMITTEE OF CREDITORS UNANIMOUSLY RESOLVED TO LIQUIDATE THE COMPANY AND FILE AN APPLICATION BEFORE THE HONBLE NCLT CHENNAI PRAYING FOR PASSING AN ORDER OF LIQUIDATION AS PER SECTION 33(1)(A) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 AND T O APPOINT A LIQUIDATOR. I . T . A NO . 580 /CHNY/201 9 : - 3 - : 8. IN VIEW OF THE ABOVE AND THE OTHER DETAILS SUCH AS NO ASSETS STANDING IN THE NAME OF THE CORPORATE DEBTOR, THIS AUTHORITY IN EXERCISE OF THE POWERS CONFERRED UNDER SUB - SECTION (2) OF SECTION 54 OF THE I&B CODE, 2016, HEREBY OR DERS THE DISSOLUTION OF THE CORPORATE DEBTOR, VIZ. M/S. SATHYA SAYEE COLD STORAGE PRIVATE LIMITED FROM THE DATE OF THIS ORDER, AND THE CORPORATE DEBTOR STANDS DISSOLVED. CONSEQUENTLY, THE RESOLUTION PROFESSIONAL STANDS RELIVED. HOWEVER, THE BANK BALANCE AMOUNTING TO RS.6,217/ - IS ALLOWED TO BE WITHDRAWN BY THE RP FOR ADJUSTMENT AGAINST CIRP COST. 5 . IN VIEW OF THE ABOVE, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED AS INFRUCTUOUS. 6 . IN THE RESULT, THE APPEA L OF THE ASSESSEE IN I.T.A . NO. 580 /CHNY/201 9 STANDS DISMISSED. ORDER PRONOUNCED ON 22 ND JULY , 2021 IN CHENNAI. SD/ - ( ) ( G. MANJUNATHA) /ACCOUNTANT MEMBER SD/ - ( ) ( V. DURGA RAO ) /JUDICIAL MEMBER / CHENNAI, / DATED: 22 ND JULY , 2021 IA , SR. PS / COPY TO: 1. / APPELLANT 2. / RESPONDENT 3. ( ) / CIT(A) 4. / CIT 5. / DR 6. / GF