DCIT, New Delhi V. M/s. Punj Lloyd Ltd., New Delhi

ITA 6085/DEL/2014

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 9675 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 10 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-09-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2005-2006
• Appeal Filed On: 07-11-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SURENDER PAL
• Assessee Lawyers: AKSHIT JAIN CA SHRI RAJAT JAIN
• Section: 201

Judgement Text

PAGE | 1 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F : NEW DELHI BEFORE SHRI AMIT SHUKLA , JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA NO. 5889 , 5890 , 5891 /DEL/2014 (ASSESSMENT YEAR: 2004 - 05 , 2005 - 06 AND 2006 - 07 ) M/S. PUNJ LLOYD LIMITED, 17 - 18, NEHRU PLACE, NEW DELHI PAN: AAACP0305Q VS. ACIT, CENTRAL CIRCLE - 2, NEW DELHI (APPELLANT) (RESPONDENT) ITA NO. 6084 6085 /DEL/2014 (ASSESSMENT YEAR: 2004 - 05 , 2005 - 06 ) DCIT, CENTRAL CIRCLE - 2, NEW DELHI VS. M/S. PUNJ LLOYD LIMITED, 17 - 18, NEHRU PLACE, NEW DELHI PAN: AAACP0305Q (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI AKSHIT JAIN, CA SHRI RAJAT JAIN, CA REVENUE BY: SHRI SURENDER PAL, SR. DR DATE OF HEARING 01/08 / 201 9 DATE OF PRONOUNCEMENT 2 5 / 09 / 2019 O R D E R PER PRASHANT MAHARISHI, A. M. 1 . ALL THESE APPEALS HAVE BEEN FILED FOR ASSESSMENT YEAR 2004 - 05 TO 2006 - 07. 2 . AT THE TIME OF HEARING VIDE LETTER DATED 31.07.2019 THE ASSESSEE SUBMITTED THAT NATIONAL COMPANY LAW TRIBUNAL PR. BENCH, NEW DELHI VIDE ITS ORDER DATED 08.03.2019 HAS INITIATED THE CORPORATE INSOLVENCY AND APPOINTED INTERIM RESOLUTION PROFESSIONAL W.E.F 08 .03.2019 AND THEREAFTER RESOLUTION PROFESSIONAL ON 22.05.2019. THE ASSESSEE CATEGORICALLY HAS STATED THAT SECTION 14 OF THE INSOLVENCY AND BANKRUPTCY CODE 2016 HAS DECLARED A MORATORIUM W.E.F 08.03.2019. THE ASSESSEE FURTHER REFERRED TO THE PROVISIONS OF S ECTION 60(5) OF THE IBC, 2016 AND STATED THAT ONLY THE NATIONAL COMPANY LAW TRIBUNAL HAS JURISDICTION TO ENTERTAIN OR DISPOSED OFF ITA NO. 5889, 5890, 5891, 6084 6085/DEL/2014 2004 - 05, 2005 - 06 AND 2006 - 07 M/S. PUNJ LLOYD LIMITED VS. ACIT PAGE | 2 ANY LITIGATION. THE ASSESSEE FURTHER REFERRED THAT SECTION 238 OF THE IBC PROVIDED THE SUPREMACY OF THAT LAW. IT WAS THEREFOR E, SUBMITTED THAT THE ABOVE MATTERS MAY BE KEPT IN ABEYANCE TILL THE COMPLETION OF CORPORATE INSOLVENCY RESOLUTION PROCESS. 3 . THE LD DR SUBMITTED THAT HE IS SEEKING ADJOURNMENT. 4 . WE HAVE CAREFULLY CONSIDERED THE RIVAL CONTENTIONS AND ALSO PERUSED THE APPLIC ATION FILED BY THE ASSESSEE. 5 . HON'BLE SUPREME COURT IN CASE OF ALCHEMIST ASSET RECONSTRUCTION VS M/S. HOTEL GAUDAVAN PVT. LTD. IN 145 SCL 428(SC) WHEREIN, IT HAS BEEN OBSERVED THAT EVEN ARBITRATION PROCESS STARTED AFTER IMPOSITION OF THE MORATORIUM IS NOT VALID. EVEN THE PRESENT APPEALS ARE ALSO FILED BY THE ASSESSEE COMPANY AND NOT THE IRP AS APPOINTED BY THE COMMITTE E OF CREDIT ORS. IF THE COMMITTEE OF CREDITORS DECIDE D TO FILE THE APPEAL , THEN SUCH APPEAL IS REQUIRED TO BE FILED AND SUBSTITUTED DULY SIGNED BY THE IRP. FURTHER, ANY ORDER PASSED BY US ALSO CANNOT HAVE ANY EFFECT TILL MORATORIUM PERIOD IN VIEW OF SECTION 14 OF IBC , 2016. IN VIEW OF THE SPECIFIC REQUEST OF THE ASSESSEE, PROVISION S OF IBC 2016 AND DECISION OF THE HON'BLE SUPREME COURT WE DISMISS ALL THESE APPEAL WITH A LIBERTY TO FILE THEM AFRESH, ON COMPLETION OF RESOLUTION PROCESS, IF DEEM FIT . ACCORDINGLY, ALL TH ESE APPEALS ARE DISPOSED OFF AS DISMISSED ORDER PRONOUNCED IN THE OPEN COURT ON 2 5 / 09 / 2019 . - SD/ - - SD/ - ( AMIT SHUKLA ) (PRASHANT MAHARISHI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 2 5 / 09 / 2019 A K KEOT COPY FORWARDED TO 1 . APPLICANT 2 . RESPONDENT 3 . CIT 4 . CIT (A) 5 . DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI