M TECH DEVELOPERS PVT. LTD., NEW DELHI V. DCIT, CIRCLE- 16(1), NEW DELHI

ITA 7771/DEL/2018

AI Insights

M Tech Developers Pvt. Ltd. filed an appeal against the order of the CIT(A)-42, New Delhi, dated 12.09.2018. The appeal was rendered infructuous following the approval of a Resolution Plan by the NCLT on 31.03.2022. According to the NCLT's order, all inquiries, investigations, and proceedings related to the corporate debtor prior to the plan approval date were to be considered withdrawn, satisfied, and discharged. Consequently, the tribunal dismissed the appeal, noting that the appellant could no longer pursue the matter in light of the NCLT's decision.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 131817 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 2 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-02-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 05-12-2022
• Assessment Year: 2009-2010
• Appeal Filed On: 05-12-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL DELHIBENCH ‘E’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Sh. Yogesh Kumar US, Judicial Member ITA No. 7771/Del/2018 : Asstt. Year : 2009-10 M Tech Developers Pvt. Ltd., 144/2, Hari Nagar House, Ashram, Mathura Road, New Delhi-110014 Vs DCIT, Circle-16(1), New Delhi-110002 (APPELLANT) (RESPONDENT) PAN No. AAECM5065E Assessee by : Sh. Rohit Tiwari, CA Revenue by : Ms. Sarita Kumari, CIT DR Date of Hearing: 06.12.2022 Date of Pronouncement: 09.02.2023 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the assessee against the order of ld. CIT(A)-42, New Delhi dated 12.09.2018. 2. At the outset, it was brought to our notice that the order of NCLT dated 31.03.2022, the para no. 26 of the said order reads as under: “26. The SRA has prayed for the reliefs and concessions as enumerated under the Resolution Plan approved by the CoC. From the plan approval date all inquiries, investigation and proceedings, whether civil or criminal, suits, claims, disputes, interests and damages in connection with the Corporate Debtor or the affairs of the Corporate Debtor, pending or threatened, present or future in relation to any period prior to the plan approval date, or arising on account of implementation of this Resolution Plan, shall stand ITA No. 7771/Del/2018 M Tech Developers Pvt. Ltd. 2 withdrawn, satisfied and discharged. From the date of approval of the ‘Resolution Plan’, the Resolution Applicant shall be legally authorized to seek appropriate orders from respective authorities / courts/tribunals for renewal of licenses/withdrawal/dismissal or abetment of the proceedings as the case may be.” 3. Owing to this, the appeal of the assessee becomes infructuous. 4. In the result, the appeal of the assessee is dismissed. Order Pronounced in the Open Court on 09/02/2023. Sd/- Sd/- (Yogesh Kumar US) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 09/02/2023 *Subodh Kumar, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR