Aerens Jai Realty Pvt. Ltd., New Delhi V. ACIT, Central Circle- 9, New Delhi

ITA 6679/DEL/2017

AI Insights

The case involves appeals by M/s. Aerens Jai Realty Pvt. Ltd. against the orders of the CIT (A) for the assessment years 2011-12 and 2012-13. The appeals were rendered infructuous following an order from the National Company Law Tribunal (NCLT), which appointed an Insolvency Resolution Professional under the Insolvency and Bankruptcy Code, 2016. The assessee's counsel indicated that they would not press the appeals further due to this development.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 113675 (ITAT-DELHI)
• Duration Of Justice: 5 year(s) 8 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-07-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 16-07-2023
• Assessment Year: 2012-2013
• Appeal Filed On: 02-11-2017
• Other Referred Cases: PCIT vs. Monnet Ispat and Energy Ltd. SLP (C) No.6483 of 2018
• Laws Referred To: Insolvency and Bankruptcy Code, 2016, Income-tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘A’ : NEW DELHI) SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER and SHRI YOGESH KUMAR US, JUDICIAL MEMBER ITA Nos.6678 & 6679/Del./2017 (ASSESSMENT YEARS : 2011-12 & 2012-13) M/s. Aerens Jai Realty Pvt. Ltd., vs. ACIT, CC – 9, (known as Aerens Builders Pvt. Ltd.), New Delhi. H – 16/A/947, Block – H, Gali No.16, Sangam Vihar, New Delhi – 110 062. (PAN : AACCA6440P) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Vivek Bansal, Advocate REVENUE BY : Shri P. Praveen Sidharth, CIT DR Date of Hearing : 17.07.2023 Date of Order : 19.07.2023 ORDER PER SHAMIM YAHYA, ACCOUNTANT MEMBER : These appeals filed by the assessee are directed against the respective orders of ld. CIT (A) pertaining to respective assessment years. 2. At the outset, ld. Counsel of the assessee submitted that National Company Law Tribunal (NCLT) vide order dated 30.05.2023 has passed directions by appointing Shri Prabhakar Kumar as the Insolvency Resolution Professional under the provisions of the Insolvency and ITA Nos.6678 & 6679/Del./2017 2 Bankruptcy Code, 2016 (for short ‘the Code’) and submitted that he is not pressing the appeals. 3. We have heard both the parties and perused the records. 4. Provisions contained under section 238 of “the Code” are having an overriding effect over all other Central and State statutes including Income-tax Act as held by Hon’ble Supreme Court in case of PCIT vs. Monnet Ispat and Energy Ltd. SLP (C) No.6483 of 2018 order dated 10.08.2018 by returning following findings :- “Given section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income-tax Act.” 5. In view of the matter, section 238 of the Code will have overriding effect over all other Central and State statutes including the Income-tax Act and all the claims including claim of the Income-tax Department under the Income-tax Act, 1961 shall be entertained by the Official Liquidator u/s 53 (1) of the Code. Keeping in view all these facts, ld. AR for the assessee stated at Bar that he does not press these appeals and same may be dismissed as withdrawn. Consequently, present appeal is dismissed as withdrawn having been become infructuous. Order pronounced in the open court on this 19 th day of July, 2023. Sd/- sd/- (YOGESH KUMAR US) (SHAMIM YAHYA) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated the 19 th day of July, 2023/TS ITA Nos.6678 & 6679/Del./2017 3 Copy forwarded to: 1.Appellant 2.Respondent 3.CIT 4.CIT (A) 5.CIT(ITAT), New Delhi. AR, ITAT NEW DELHI.