9911796707
TMI Blog2021 (7) TMI 1445X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 of the Code 2016 against such company which overrides the provisions of Income Tax Act. As per section 14 of the Code, the order of the NCLT for initiation of liquidation of the Corporate Debtor would result in a moratorium on the initiation or continuation of legal proceedings by or against the corporate debtor being the assessee. We hold that the order passed under section 263 of the Act is not maintainable and liable to be quashed. Before parting, it is pertinent to note that AO is at liberty to make an application for re-institution of this appeal after the resolution process ends under IBC 2016. Ground of appeal of the assessee is allowed. - SHRI RAJPAL YADAV, VICE PRESIDENT And SHRI WASEEM AHMED, ACCOUNTANT MEMBER For the Assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the outset, the learned AR for the assessee before us submitted that proceedings under section 7 of Insolvency and Bankruptcy code, 2016 has already been initiated against the assessee company by the Hon ble Adjudicating Authority being National Company Law Tribunal, Ahmedabad vide order dated 9 March 2021. The learned AR in support of his contention also filed the copy of the order of National Company Law Tribunal before us. 4. As per the learned AR no fresh 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d under section 263 of the Act is not maintainable and liable to be quashed. Before parting, it is pertinent to note that AO is at liberty to make an application for re-institution of this appeal after the resolution process ends under IBC 2016. As appeal preferred by the assessee has been decided by us in its favour on technical ground i.e. the order passed under section 263 of the Act in itself is not maintainable, accordingly, we do not find any reason to adjudicate the issue raised by the assessee on merit. As such these issues become infructuous. Hence, the ground of appeal of the assessee is allowed. 6. In the result the appeal filed by the assessee is allowed. Order pronounced in the Court on 27/07/2021 at Ahmedabad. - - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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