ACIT, Central Circle- 2 , New Delhi V. International Recreation and Amusement Ltd., New Delhi

ITA 993/DEL/2018

AI Insights

The case involves appeals by the Assistant Commissioner of Income Tax against M/s. International Recreation and Amusement Limited concerning assessment years 2012-13, 2013-14, and 2014-15. The appeals were against the consolidated order of the Commissioner of Income Tax (Appeals)-XXVIII, New Delhi, which arose from assessment orders passed under Section 153A read with Section 143(3) of the Income Tax Act, 1961. During the proceedings, it was noted that the respondent company was undergoing a liquidation process, and a resolution plan had been approved, leading to the dismissal of the appeals.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 121581 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 11 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-01-2023
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 11-01-2023
• Assessment Year: 2013-2014
• Appeal Filed On: 07-02-2018
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 15; 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C” DELHI BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER I.T.As No.992, 993 & 994/DEL/2018 Assessment Years 2012-13, 2013-14 & 2014-15 Assistant Commissioner of Income Tax, Central Circle-2, New Delhi. v. M/s. International Recreation and Amusement Limited, Sector-10, Metro Walk, Near Rithala Metro Station, Rohini, New Delhi. TAN/PAN: AACCI4901M (Appellant) (Respondent) Appellant by: Mohd. Gayasuddin Ansari, CIT(DR) Respondent by: None Date of hearing: 12 01 2023 Date of pronouncement: 12 01 2023 O R D E R PER PRADIP KUMAR KEDIA, A.M.: Th e cap tio n ed ap p eal h as b e en fil ed b y th e Rev en u e ag ain st th e co n so lid a ted o rd er o f th e Co mmis sio n er o f In co me T ax (Ap p eals)-XXVIII, New Delh i [‘ CIT(A)’ in sh ort] d a ted 0 9 .1 1 .20 1 7 arisin g fro m th e ass essmen t o rd ers all dated 3 0 .1 2 .20 1 6 p assed u n d er Sectio n 1 5 3 A r.w. Sect io n 14 3 (3) o f th e In co me Tax Act, 1 9 6 1 (th e Act) co n cern in g AYs 2 01 2 -13 , 2 0 13 -14 & 2 0 1 4-1 5 . 2 . Wh en th e ma tt er was cal led fo r h ea rin g , n o n e ap peared fo r th e asse ssee . It is seen fro m th e re co rd th at mu l tip l e o p p o rtu n ities h av e b een g iv en to th e as sesse e to d e fen d its p o sitio n . Co n seq u en tly , th e ma tt er i s p ro ceed e d ex-p a rte. I.T.As No.992, 993 & 994/Del/2018 2 3 . Ld . DR fo r th e Re v en u e su b mitt ed th at th e asse ssee-co mp an y is u n d er l iq u id at io n p ro cess an d reso lu t io n p lan h as b een ap p rov ed . 4 . In th e lig h t o f th e assert io n s mad e o n b eh alf o f th e Rev en u e, th e ma tter can n o t p ro ceed b efo re t h e Trib u n al in v iew o f th e o v errid in g p rov isi o n s o f Insol ve nc y and B an kr up tc y Co de, 20 16. The Dep ar t men t sh all b e at li be rt y to rev iv e th e cap ti on e d app ea l as and wh en t he mor at ori u m per io d is ove r or re vi va l of co mpan y ta ke s pla ce . 6. In t he r es ult , th e app ea ls of th e R e ven ue a re dis mi ss e d f or sta ti st ica l pu rp os es . Order pronounced in the open Court on 12/01/2023. Sd/- Sd/- [KUL BHARAT] [PRADIP KUMAR KEDIA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: /01/2023 Prabhat