Acit, Central Circle-3, New Delhi, New ... vs Bhushan Steel Ltd., New Delhi on 11 March, 2021
4. Learned counsel for the assessee contended before us that since the
National Company Law Tribunal (NCLT) is seized of the proceedings
initiated under section 7 of the Insolvency and Bankruptcy Code, 2016 and
has already approved a resolution plan and granted moratorium in respect of
any other proceedings pending before any authority or Tribunal etc., the
present appeals cannot continue. He submitted, under similar circumstances,
appeal filed by the Department in case of M/s. Bhushan Energy Ltd., another
group entity, has been dismissed by the Tribunal. In this context, he placed
on record order dated 17.04.2023 passed in ITA No. 5429/Del/2015 and
C.O. No. ITA Nos. 5424 & 5425/Del/2015 and 159/Del/2019. He further
relied upon the decision of the ITAT in the case of ACIT vs. Bhushan Steel
Ltd. in ITA Nos.5424 & 5425/Del/2015 order dated 12.09.2023. Thus, he
submitted that the appeals of the department have to be dismissed.