VIDEOCON IOL VENTURES LTD., MUMBAI V. DY CIT 3 (3)(2), MUMBAI

ITA 6801/MUM/2019

• Counselvise Citation: [2022] 103 COUNSELVISE.COM (IT) 9565 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 11 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-10-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 03-10-2022
• Assessment Year: 2011-2012
• Appeal Filed On: 03-11-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM ITA No. 6801/Mum/2019 (Assessment Year 2011-12) Videocon Oi l Ventu res Ltd. 171 C W ing, Mit tal Court, Nar im an Point, Mum bai-400 021 Vs. Dy. Commissioner of Income Tax, Circle-3(3)(2) Aaykar Bhavan, Maharshi Karve Road, Churchgate Mumbai-400 020 (Appellant) (Respondent) PAN No. AADCV1810B Assessee by : None Revenue by : Shri Vranda U Matkarni, DR Date of hearing: 04.10.2022 Date of pronouncement : 28.10.2022 O R D E R PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by Videocon Oil Ventures Ltd. in ITA No.6801/Mum/2019 against the appellate order passed by the learned Commissioner of Income-tax (Appeals)-8, Mumbai [the learned CIT (A)], wherein the penalty of ₹1,48,19,988/- levied by the learned Assessing Officer under Section 271 of the Income-tax Act, 1961 (the Act) was confirmed. 02. At the time of hearing, the learned Departmental Representative stated that the above company is under insolvency proceedings and therefore, the present appeal Page | 2 ITA No.6801/Mum/2019 Videocon Oil Ventures Ltd; A.Y. 2011-12 filed by the Director of the company Mr. VN Dhoot is not maintainable. This appeal should have been filed by insolvency resolution professional. The learned Departmental Representative also submitted Mr. Rakesh Rameshwar Rathi has already been appointed as interim resolution professional. Therefore, the present appeal filed by the assessee is not maintainable. 03. Assessee has been issued notice on 15 th November, 2021, where one Priyanka Chaparawala appeared and at her request the matter was adjourn to 27 th December, 2021 on that date and further, on 1 st February, 2022, 10 th February, 2022, 21 st March, 2022, 6 th June, 2022, 6 th July, 2022 and at this date of hearing on 4 th October, 2022, none appeared on behalf of the assessee. 04. On careful consideration of the fact as per the order of the National Company Law Tribunal, Mumbai Bench dated 25 th November, 2019, this company has been admitted for insolvency proceedings and as per Para no.22 of that order Mr. Rakesh Rameshwar Rathi is appointed as interim resolution professional. Therefore, the Board of Director of that company ceases to have existed from that date. Further, in this case, the order under Section 9 of the Act was passed on 8 th November, 2019 and the appeal is filed on 4 th November, 2019 signed by Mr. VN Dhoot. As soon as the order dated 8 th November, 2019 was passed, there is no authority that the person who signed the appeal to prosecute this appeal. It is only the IRP, who can now prosecute this appeal. In the result, the appeal Page | 3 ITA No.6801/Mum/2019 Videocon Oil Ventures Ltd; A.Y. 2011-12 filed by the assessee is dismissed as not maintainable giving an opportunity to the IRP that if committee of creditors decides then the appeal may be filed afresh. Accordingly, the appeal of the assessee is dismissed as not maintainable. 05. In the result, the appeal of the assessee is dismissed. Order pronounced in the open court on 28.10.2022. Sd/- Sd/- (KAVITHA RAJAGOPAL) (PRASHANT MAHARISHI) (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) Mumbai, Dated:28.10.2022 Sudip Sarkar, Sr.PS Copy of the Order forwarded to : 1. The Appellant 2. The Respondent. 3. The CIT(A) 4. CIT 5. DR, ITAT, Mumbai 6. Guard file. BY ORDER, True Copy// Sr. Private Secretary/ Asst. Registrar Income Tax Appellate Tribunal, Mumbai