TMI Blog2022 (12) TMI 783X X X X Extracts X X X X X X X X Extracts X X X X ..... um u/s 14 of IBC Code in the case of assessee, then there is a complete bar to initiate and continue proceedings against the assessee before any authority. Therefore, in view of the moratorium granted by NCLT, no proceedings against the assessee can continue. In view of the aforesaid facts, the appeal of Revenue deserves to be dismissed. However, liberty is granted to the Revenue to seek revival of the appeal after the lifting of the moratorium and in accordance with law. Grounds of appeal filed by Revenue are dismissed. - ITA No. 5243/Del/2018 - - - Dated:- 23-11-2022 - SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. ANUBHAV SHARMA, JUDICIAL MEMBER Assessee by Shri Sunil Singh, Adv. Revenue by Ms. Rakhi Vimal, CIT-D.R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment order thereby giving relief of Rs.5,60,11,287/- to the appellant. 2. Whether on the facts and circumstances of the case, the Ld CIT(A) was justified in restricting arm's length price of compensation for providing corporate guarantee on behalf on Indian Subsidiary @1% instead of 2.5% being alternately covered within the meaning of section 40A(2)(b) of the Income-tax Act. The appellant craves to amend modify, alter, add or forego any ground of appeal at any time before or during the hearing of this appeal. 4. Before us, at the outset, Learned AR of the assessee submitted that Edelweiss Asset Reconstruction Company Ltd. had filed the petition before National Company Law Tribunal u/s 7 of the Insolvency and B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he petition filed by Edelweiss Asset Reconstruction Company Ltd. against the assessee u/s 7 of the IBC Code and has declared moratorium in terms of Section 14 of the Insolvency and Bankruptcy Code ( IBC ), 2016. 7. Hon ble Apex Court in the case of PCIT vs. Monnet Ispat Energy Ltd. (2019) 107 Taxmann.com 481 (SC) has held that IBC Code will override anything inconsistent in any other enactment including Income Tax Act. When NCLT has declared moratorium u/s 14 of IBC Code in the case of assessee, then there is a complete bar to initiate and continue proceedings against the assessee before any authority. Therefore, in view of the moratorium granted by NCLT, no proceedings against the assessee can continue. In view of the aforesaid facts, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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