AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2024 (8) TMI 688
X X X X Extracts X X X X
X X X X Extracts X X X X
....de, 2016 (hereafter 'IBC'). Accordingly, these four appeals are being disposed off with this single order. ITA No. 1139/KOL/2018 2. In this case, the assessee had filed its return of income on 29.09.2008 at a loss of Rs. 8,45,76,498/-. This case was picked up for scrutiny and vide order dated 28.10.2010 the income was computed after a disallowance of Rs. 66,81,612/-. The appellant got relief at first stage but was served with a notice u/s 148 of the Income Tax Act, 1961 (in short the 'Act') dated 15.05.2015 through which reasons were communicated for re-opening of the assessment. Thereafter, vide order dated 29.03.2016 re-assessment was completed on enhanced income. Before the Commissioner of Income Tax (Appeals)-3, Kolkata [h....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he case was selected for scrutiny and assessment was completed at a total loss of Rs. 74,75,81,872/-. In this case also the assessee was served with a notice u/s 148 of the Act dated 30.03.2015. Thereafter, vide order dated 29.03.2016 the re-assessment proceedings were completed after making additions to the returned income/loss. Aggrieved with the action of ld. AO, the appellant filed an appeal before the ld. CIT(A), where his appeal was allowed in full. Thereafter, the Department has filed this appeal before the ITAT. 3. It is seen that all the appeals have been filed by the Income Tax Department on 24.05.2018 and thereafter, the factual position/chronology becomes common for all the four cases. The same deserves to be highlighted as u....
X X X X Extracts X X X X
X X X X Extracts X X X X
....orporate debtor. He transmitted copies of the orders of the Hon'ble NCLT in this regard. Considering the fact that the ld. Counsel for the assessee, on the last date of hearing averred that in terms of the provisions of Section 238 of the IBC, 2016 where liquidation proceedings were in progress and parallel proceedings under the Act are also ongoing against the assessee, then the IBC, 2016 will have an overriding effect over the provisions of the Income Tax Act, 1961. 3.2. The ld. D/R apprised this Bench of the reasons recorded prior to issuing notice u/s 148 of the Act in all the case and also informed that the matter was before the Hon'ble NCLT. 4. We have perused the documents placed on record and carefully considered the a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ng effect over the provisions of the Income-tax Act which has been decided by Hon'ble Apex Court in Pr. CIT v. Monnet Ispat & Energy Ltd. [2019] 107 taxmann.com 481, wherein the Hon'ble Apex Court had observed that as per section 238 of IBC, 2016, the IBC Code will override anything inconsistent contained in any other enactment, including the Income-tax Act. It is also trite to peruse section 178 of the Income-tax Act, 1961 which has been amended for the purpose of preventing any conflict with provisions of IBC Code, which is reproduced as under: "178. (1) Every person- (a) who is the liquidator of any company which is being wound up whether under the orders of a court or otherwise; or (b) who has been app....
X X X X Extracts X X X X
X X X X Extracts X X X X
....te of liquidation or for meeting such cost and expenses of the winding up of the company as are in the opinion of the Commissioner reasonable. (4) If the liquidator fails to give the notice in accordance with sub-section (1) or fails to set aside the amount as required by sub-section (3) or parts with any of the assets of the company or the properties in his hands in contravention of the provisions of that sub-section, he shall be personally liable for the payment of the tax which the company would be liable to pay: Provided that if the amount of any tax payable by the company is notified under sub-section (2), the personal liability of the liquidator under this sub-section shall be to the extent of such amount.] ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed counsel appearing for the respondent. The learned Tribunal has taken note of the fact that the liquidation proceedings have commenced as per the order passed by the NCLT, Kolkata and at the time of appointment of the Official Liquidator, the assessee company became defunct and the Official Liquidator stepped into the shoes of the assessee. Further, the Tribunal noted that even during the moratorium period specified under Section 14(1)(a) of the Insolvency and Bankruptcy Code, there has been no representation of the matter on behalf of the assessee. After taking note of the orders passed by the NCLT and also noting other decisions of the co-ordinate Bench of the Tribunal, the Tribunal in paragraph 7 of the impugned order, rightly....