Appeal details
Counselvise Citation
[2023] 101 COUNSELVISE.COM (IT) 9529 (ITAT-MUMBAI)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
4 month(s) 17 day(s)
Appellant
Respondent
Appeal Type
Miscellaneous Application
Pronouncement Date
13-12-2023
Appeal Filed By
Department
Order Result
Dismissed
Bench Allotted
K
Next Hearing Date
05-10-2023
Assessment Year
2007-2008
Appeal Filed On
26-07-2023
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM M A N o . 4 85/ M u m/ 20 2 3 (A ri s i n g ou t o f IT A N o. 80 75 / M u m/ 20 2 3) ( A s s e ss me nt Y ea r: 20 0 7- 08 ) ACIT – 11(1) R. No. 439, Aayakar Bhavan, M. K. Marg, Mumbai-400 020 V s. M/s. Crest Animation Studios Ltd. 501, Raheja Plaza, L.B.S. Marg, Ghatkopar (W), Mumbai-400 086 P A N / G I R N o. AA A CC 6 13 4 C (Applicant) : (Respondent) Applicant by : None Respondent by : Ms. Mahita Nair D a te o f H e a r i n g : 06.10.2023 D ate of P ro n ou n ce me n t : 14.12.2023 O R D E R Per Kavitha Rajagopal, J M: This Miscellaneous Application has been filed by the Revenue for recalling of the order of the Tribunal dated 09.01.2023 on the ground of mistake apparent on record. 2. The brief facts are that the assessee company engaged in the business of animation production services filed its return of income dated 25.10.2007, declaring total income at Rs.Nil after set off of losses of earlier years. The assessee’s case was selected for scrutiny and the assessment order u/s. 143(3) dated 24.12.2009 was passed where the ld. Assessing Officer ('A.O.' for short) determined the total income at Rs.2,11,93,839/- by making various additions/disallowances. 2 MA No. 4 8 5 / M u m / 2 0 2 3 ( A . Y . 2 0 0 7 - 0 8 ) ACIT vs. M/s. Crest Animation Studios Ltd. 3. The ld. CIT(A) deleted the impugned addition and the Revenue was in appeal before the Tribunal. 4. The Tribunal vide order dated 09.01.2023 dismissed the appeal filed by the Revenue on the ground that the assessee was before the Hon’ble National Company Law Tribunal for liquidation u/s. 14 of the Insolvency and Bankruptcy Code, 2016. 5. The Revenue has filed this present Miscellaneous Application to recall the said order. 6. We have heard the rival submissions and perused the materials available on record. The learned Departmental Representative ('ld. DR' for short) sought for recalling the said order by relying on the decision of the Hon’ble Madras High Court in the case of M/s. Dishnet Wireless Pvt. Ltd., WP No. 34668 of 2018 dt. 17.06.2022 and also the judgment of the Hon'ble Apex Court in the case of M/s. Jet Airways (India) Pvt. Ltd. (in C.A. No. 3287/2017 dated 15.09.2021), wherein it has been held that the proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be pressed into service to dilute the rights of Income Tax Department under the Income-tax Act, 1961. It is observed that the Tribunal has dismissed the appeal filed by the Revenue with a liberty given to the Revenue to restore the same after the insolvency proceeding is completed post the moratorium period. We do not find any grievance on the part of the Revenue as the Tribunal’s order has categorically specified that the Revenue is at liberty to restore the said appeal after the insolvency proceedings is concluded and where the resolution professional will be arrayed as necessary party in the appeal. We do not find any error 3 MA No. 4 8 5 / M u m / 2 0 2 3 ( A . Y . 2 0 0 7 - 0 8 ) ACIT vs. M/s. Crest Animation Studios Ltd. apparent on record in the order of the Tribunal dated 09.01.2023 and we thereby hold that the miscellaneous application filed by the Revenue holds no merit. 7. In the result, the miscellaneous application filed by the Revenue is dismissed. Order pronounced in the open court on 14.12.2023. Sd/- Sd/- (Prashant Maharishi) (Kavitha Rajagopal) Accountant Member Judicial Member Mumbai; Dated : 14.12.2023 Roshani , Sr. PS Copy of the Order forwarded to : 1. The Appellant 2. The Respondent 3. CIT - concerned 4. DR, ITAT, Mumbai 5. Guard File BY ORDER, (Dy./Asstt. Registrar) ITAT, Mumbai
