TaxTMI 
TaxTMI 
2019 (10) TMI 1438
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.... c. Shamken Multifab Ltd (ITA No. 3551/Del/2007 appeal of the revenue and ITA No. 39/Del/2012 appeal of Assessee) cases the matter is pending before the insolvency resolution professional in terms of Insolvency and Bankruptcy Code, 2016 and morarorium period is declared as per section 14 of The Insolvency and Bankruptcy Code,2016. 2. It was found that in terms of application filed by M/s. Asset Reconstruction Company (India) Limited in its capacity as the Financial Creditors of M/s. Shamken Cotsyn Limited (hereinafter referred to as Corporate Debtor) and other two companies , under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of Insolvency and Bankruptcy (Application to adjucating authority....
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.... The learned CIT submitted that appeals of the revenue cannot be dismissed in view of the provisions of section 14 of IBC 2016 with respect to the moratorium period. She submitted that the provisions of section 14 (1) (a) suggest that the word 'proceedings' does not include income tax proceedings and can continue during the period of moratorium. She further referred to the provisions of rule 26 of ITAT Rules, 1963 and stated that if income tax proceedings fall within the ambit of section 14 it will create an anomalous and paradoxical situation. Therefore, she stated that the meaning, which is attached to the word 'proceedings', is the proceedings related to suits and not all kinds of proceedings. Therefore, according to her ....
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....ot have been allowed to continue. Further Honourable Apex Court in the case of Pr. CIT v. Monnet Ispat & Energy Ltd. [SLP (C) No. 6487 of 2018, dated 10-8-2018] has upheld overriding nature and supremacy of the provisions of the IBC Code over any other enactment in case of conflicting provisions, by virtue of a non-obstante clause contained in section 238 of the IBC Code. In view of this the appeals filed by the revenue cannot be continued to be allowed during the course of moratorium period. 8. Further, the recent amendment to IBC 2016 any resolution plan or liquidation order as decided by the competent authority would be binding on all the stakeholders including the Central Govt., any State Govt. or local authority to whom a debt in re....
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....here in directors of the company were authorised by IRP to represent the case. None of the directors remained present before us. Therefore, the appeal filed by the company in ITA number 29/del/2012 also cannot be sustained in absence of any permission from the National company law tribunal or filing of the proper letter of authority by the insolvency resolution professional. Accordingly all the appeals with respect to above 3 companies filed by the revenue as well as by the assessee are dismissed with the liberty to file them a fresh on completion of moratorium period or when corporate insolvency is resolved, as the situation may be. 11. At the outset of the hearing, the ld. DR brought to our attention that CBDT vide Circular No. 17/2019....
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....-vis where composite order for more than one assessment years is passed, para 5 of the circular is substituted by the following para: "5. The Assessing Officer shall calculate the tax effect separately for every assessment year in respect of the disputed issues in the case of every assessee. If, in the case of an assessee. the disputed issues arise in more than one assessment year, appeal can be filed in respect of such assessment year or years in which the tax effect in respect of the disputed issues exceeds the monetary' limit specified in para 3. No appeal shall be filed in respect of an assessment year or y ears in which the tax effect is less than the monetary limit specified in para 3. Further, even in the case of composi....