TaxTMI 
TaxTMI 
2022 (6) TMI 1466
X X X X Extracts X X X X
X X X X Extracts X X X X
....4 passed against the assessment order u/s. 153A/143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') by DCIT, Central Circle-3(3), Kolkata, dated 13.12.2017 and 04.03.2015 for AY 2013-14. 2. None appeared on behalf of the assessee. Md. Ghyas Uddin, CIT, DR appeared for the revenue. 3. From the order sheet in the hearing held on 04.01.2022, we note that Shri Miraj D. Shah appeared on behalf of the assessee who submitted that the proceedings have been initiated against the company under Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as the "I&BC, 2016"). He also submitted that the Hon'ble National Company Law Tribunal (hereinafter referred to as the "NCLT") vide order dated 16.03.2020 has ordered for mo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pect of either unsecured loan or share application money treated as undisclosed income u/s. 68 of the Act. 6. From the appeal folder, we find that there are paper books which are placed on record by the erstwhile authorized representative of the assessee containing orders passed by Hon'ble NCLT in the assessee's own case in the proceeding under the I&BC, 2016. From the order of Hon'ble NCLT in Petition No. CP(IB) No. 978/KB/2019 dated 16.03.2020 wherein an application for initiation of corporate insolvency resolution process (CIRP) u/s. 7 of the I&BC, 2016 read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016 was moved and an order was passed admitting the same. A moratorium was declared according....
X X X X Extracts X X X X
X X X X Extracts X X X X
....====== Document 1 Shri Miraj D. Shah appeared on behalf of the assessee and submitted that the proceeding have been initiated against the company under Insolvency & Bankruptcy Code, 2016. He has further submitted that the Hon'ble National Company Law Tribunal vide order dated 16.03.2020, has ordered moratorium u/s 14 of the Isolvency & Bankruptcy code, 2016, by virtue of which the institution of suits or continuation of pending suits or proceedings against the corporate debtor in any court of law, tribunal, arbitration panel etc. have been prohibited. He has further submitted that as per the order, Mr. Kanchan Dutta, IP Registration No. IBBI/IPA-001/IPP002/2017- 2018/10391, Chatt....
X X X X Extracts X X X X
X X X X Extracts X X X X
....court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); Document 3 d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (v) The supply of essential goods or services to the corporate debtor as may be specified....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Document 4 (xii) The Resolution Professional shall conduct CIRP in time bound manner as per Regulation 40A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. (xiii) List the matter on 22nd April, 2020 for the filing of the progress report. (xiv) Registry is hereby directed under section 7(7) of the I & B Code, 2016 to communicate the order to the Financial Creditors, the Corporate Debtor and to the IRP by Speed Post as well as through e-mail. (xv) Certified copy of the order may be issued to all the concerned parties, if applied for, upon compliance with all requisite formalities. Document 5 2. 3. The assessee has raised the following grounds of appeal: 1. That the Id.PCIT h....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... proceedings can be initiated against the assessee company subsequent to the order passed by the National Company Law Tribunal under section 7 of Insolvency and Bankruptcy code, 2016. The prohibitions for the institution of fresh proceedings have been provided under section 14 of the Code 2021 which overrides the provisions of Income Tax Act. Accordingly, it was contended by the learned AR that the order framed under section 263 of the Act vide order dated 31st March 2021 post to the order passed under section 7 of Insolvency and Bankruptcy code, 2016 is not maintainable and liable to be quashed. 4.1 On the other and the learned DR vehemently supported the order of the learned PCIT. 5. We have heard the rival c....