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| The Tax Publishers2020 TaxPub(DT) 0708 (Del-Trib) : (2020) 180 ITD 0756 : (2020) 205 TTJ 0696 : (2020) 078 ITR (Trib) 0214 INCOME TAX ACT, 1961
Section 254 Section 7
Where an application filed under section 7 of Insolvency and Bankruptcy Code, 2016, against assessee-company had been admitted and moratorium under section 14 of 2016 Code, had been declared, appeal filed by revenue against assessee under provisions of Act, could not be allowed to be continued during course of moratorium period.
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Appeal (Tribunal) - Rectification of mistake - -
During the pendency of appellate proceedings before Tribunal, assessee-company raised a plea that since application filed against it under section 7 of the Insolvency and Bankruptcy Code, 2016, had been accepted and moratorium under section 14 of the Code had been declared, appeal filed by revenue was no longer maintainable under the provisions of the Act. Held: Supreme Court in case of Alchemist Asset Reconstruction Co. Ltd. v. Hotel Gaudavan (P.) Ltd. (2017) 88 taxmann.com 202 (SC) : 2018 TaxPub(CL) 0014 (SC), it was held that even arbitration proceedings could not be initiated after imposition of the moratorium under section 14(1)(a) has come into effect and it is not nice in law and could not have been allowed to continue. An application filed under section 7 of Insolvency and Bankruptcy Code, 2016, against assessee-company had been admitted and moratorium under section 14 of 2016 code, had been declared, appeal filed by revenue against assessee under provisions of Act, could not be allowed to be continued during course of moratorium period
REFERRED : Alchemist Asset Reconstruction Co. Ltd. v. Hotel Gaudavan (P.) Ltd. (2017) 88 taxmann.com 202 (SC) : 2018 TaxPub(CL) 0014 (SC) Pr. CIT v. Monnet Ispat & Energy Ltd. (SLP (C) No. 6487 of 2018, dated 10-8-2018) : 2018 TaxPub(DT) 6660 (SC) Mrs. Jai Rajkumar v. Standic Bank Ghana Ltd. (2019) 101 taxmann.com 329 (Mad.)
FAVOUR : In assessee's favour
A.Y. : 2002-03
IN THE ITAT, DELHI 'F' BENCH
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