TaxTMI 
TaxTMI 
2025 (3) TMI 2075
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....a petition for condoning the said delay as under: "I, Subham Bhagat, Director of M/s. Ankit Metal & Power Ltd. of 35, Chittaranjan Avenue, Kolkata-700 012, do hereby solemnly affirm and declare as follows: 1. That M/s. Ankit Metal & Power Ltd. is assessed to income-tax by the D.C.I.T., Central Circle-3(3), Kolkata, under PAN No. AAECA5230B. 2. That the assessment for A.Y. 2008-09 in the case of the company was completed u/s. 251/143(3) of the IT. Act vide order dated 22.11.2018 assessing the total income at Rs. 27,64,99,570/- as against income of Rs. 23,18,85,114/- declared in the ROI and thereby disallowing depreciation of Rs. 4,36,60,503/- on new plant & machinery and addition of the same to the total income. ....
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.... the Ld. C.I.T.(A), Kolkata-21 dated 20/01/2022, which was totally unknown to the management of the co. 7. That we had thereafter contacted our Lawyer, who advised for filing appeal before the Hon'ble Tribunal against the said appellate order dated 20.01.2022. After providing the necessary papers etc. in relation to the appeal, the Memorandum of Appeal was prepared and the same was filed before the Hon'ble Tribunal on 09/09/2022. 8. That considering the date 20/01/2022 put on the impugned appellate order passed u/s 250 of the I.T. Act as order receipt date and the appeal having been filed before this Hon'ble Tribunal on 07/09/2022, in the process an unintended delay of 172 days beyond the prescribed due date ha....
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..... In both these appeals a common factor is that the matters have been pending for adjudication for a long time due to pendency of proceedings before National Company Law Tribunal (NCLT). On the last date of hearing, the Ld. DR brought to our notice an email received from the Ld. AO and for the sake of record the email deserves to be extracted as under: "In this connection, intimation of Corporate Insolvency Revolution Process (CIRP) and appointment of Interim Revolution Professional (IRP) in the matter of M's Ankit Metal & Power Limited (Corporate Debtor/the Company) has been received from Shri Rajesh Kumar Agarwal Insolvency Professional on 08.01.2014, Copy of the same is enclosed herewith for your information. Furthe....
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....jurisdictional High Court, which would help in deciding these two appeals. 3.1 In the case of Kohinoor Steel (P.) Ltd. reported in 159 taxmann.com 571 (Kolkata) some portions from the head notes of this case deserves to be extracted: "Section 178, read with section 68, of the Income-tax Act, 1961 and sections 31 and 238 of the Insolvency and Bankruptcy Code, 2016 Company in liquidation (Stay) - Assessment year 2012-13 - Whether IBC is a complete Code in itself and in view of provisions of section 238 of IBC, provisions of IBC would prevail notwithstanding anything inconsistent therewith contained in any other law for time being in force including Income-tax Act which has been specifically provided under section 178(6) of the Inc....
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....continuation of pending suits or proceedings against corporate debtors Held, yes Whether where in response to show cause notice issued to assessee, it had pointed out that proceedings were liable to be stayed since it had been admitted for Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC) and presently was under moratorium by orders of National Company Law Tribunal (NCLT), Assessing Officer committed grave error in proceeding to complete assessment without hearing assessee on issue relating to effect of IBC and refusing to stay proceedings till completion of CIRP-Held, yes Whether therefore, assessment order was to be set aside and matter was to be restored to file of Assessing Officer and matte....