Income Tax Appellate Tribunal - Delhi
Twenty First Century Wires Rods Ltd., ... vs Acit, Circle- 16(1), New Delhi on 9 March, 2022
IN THE INCOME TAX APPELLATE TRIBUNAL,
DELHI BENCH: 'G', NEW DELHI
BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND DR.
BRR KUMAR, ACCOUNTANT MEMBERR
ITA No. 7591/Del/2017 Assessment Year: 2005-06
ITA No. 7592/Del/2017 Assessment Year: 2006-07
Twenty First Century Wires Vs. ACIT, Circle-16(1),
Rods Ltd., C/o L.N. Malik & New Delhi.
Co., 18/13, WEA, Pusa
Lane, Karol Bagh,
New Delhi-1100 55
PIN: 1100 18
PAN :AABCT4442P
(Appellant) (Respondent)
Appellant by Shri Yogesh Mehta, CA
Respondent by Shri H.K. Chaudhary, CIT (DR)
Date of hearing 09.03.2022
Date of pronouncement 09.03.2022
ORDER
PER SAKTIJIT DEY: JUDICIAL MEMBER:
Captioned appeals by the same assessee, arise out of two separate orders of learned Commissioner of Income-Tax(Appeals)- 33, New Delhi, pertaining to assessment years and 2005-06 and 2006-07.2
ITA Nos.7591 & 7592/Del.2018
2. At the outset, learned counsel appearing for the assessee submitted that National Company Law Tribunal (NCLT) in judgment dated 12.09.2018 has granted moratorium in terms of Section 14 of Insolvency and Bankruptcy Code 2016. He submitted that, as a result, no suit or appeal can be pursued including the pending disputes. He submitted, keeping this fact in view, the Tribunal has dismissed the cross appeals relating to the assessee for assessment year 2008-09 with a liberty to revive the appeal subject to further order of the NCLT. He submitted, similar decision may be taken in case of these appeals as well.
3. We have heard the parties and perused the material available on record.
4. Undisputedly, in case of the present assessee insolvency, resolution process has been initiated by the NCLT and moratorium in terms of Section 14 of the Code has been granted.
5. Considering the above aspects, the Tribunal vide order dated 02.02.2022 has dismissed the cross-appeals relating to the assessee for the assessment year 2008-09 being ITA No.3698 & 4128/Del/2012.
6. Keeping in view the submissions of the parties and the order passed by the Tribunal in assessment year 2008-09, as referred to 3 ITA Nos.7591 & 7592/Del.2018 above, we dismiss the present appeals with liberty to the assessee to seek revival of the appeals subject to further orders of NCLT.
7. In the result, both the appeals are dismissed.
Order pronounced in the open court on 9th March, 2022 Sd/- Sd/-
(DR. BRR KUMAR) (SAKTIJIT DEY)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Dated: 9th March, 2022.
Mohan Lal
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT(A)
5. DR
Asst. Registrar, ITAT, New Delhi
Sl. No. Particulars Date
1. Date of dictation (Order drafted through Dragon software): 09.03.2022
2. Date on which the draft of order is placed before the Dictating Member:
3. Date on which the draft of order is placed before the 09.03.2022 other Member:
4. Date on which the approved draft of order comes to 09.03.2022 the Sr. PS/PS:
5. Date of which the fair order is placed before the 09.03.2022 Dictating Member for pronouncement:
6. Date on which the final order received after having been singed/pronounced by the Members:
7. Date on which the final order is uploaded on the website of ITAT:
8. Date on which the file goes to the Bench Clerk 09.03.2022
9. Date on which files goes to the Head Clerk:
10. Date on which file goes to the Assistant Registrar for signature on the order:
11. Date of dispatch of order: