Revenue appeal dismissed due to insolvency process precedence.

The appeal filed by the Revenue against the penalty under section 271(1)(c) of the Income Tax Act was dismissed as infructuous. The Assessee did not appear as the company had gone into liquidation, with the Liquidation Authority represented by the Ld. AR. The Insolvency Resolution Process pending before NCLT took precedence, following court orders establishing that liquidation proceedings override revenue claims. The appeal and cross objection were deemed non-consequential, resulting in their dismissal based on the Insolvency and Bankruptcy Code, 2016, and prior court decisions in the case.

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Issues involved: Appeal against penalty u/s 271(1)(c) of the Income Tax Act due to company liquidation.

Summary:
The appeal was filed by the Revenue against the order of CIT(A)-XXI, New Delhi regarding penalty u/s 271(1)(c) of the Income Tax Act. The Assessee did not appear as the company had gone into liquidation. The Liquidation Authority was represented by the Ld. AR. The Insolvency Resolution Process was pending before NCLT. Various court orders, including those of the Supreme Court and Delhi High Court, held that liquidation proceedings override revenue claims, rendering the appeals non-consequential. The appeal and cross objection were dismissed as infructuous based on the Insolvency and Bankruptcy Code, 2016, and previous court orders in the case of the assessee.

The appeal was dismissed as infructuous due to the company's liquidation and the precedence of liquidation proceedings over revenue claims as established by various court orders.

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