Dismissing the income tax appeal due to the admission of an insolvency application under the Insolvency and Bankruptcy Code, which imposes a moratorium affecting the revenue's ability to pursue proceedings.
The appeal by the Commissioner of Income Tax is dismissed; connected stay application is closed.
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ITAT/87/2014 IA No.GA/2/2014 (Old No.GA/1939/2014)
IN THE HIGH COURT AT CALCUTTA Special Jurisdiction (Income Tax) ORIGINAL SIDE
COMMISSIONER OF INCOME TAX, KOLKATA-IV,
-Versus-
M/S. SIMPLEX PROJUECTS LTD.
Appearance: Mr. Soumen Bhattacharyya, Adv. ...for the appellant.
Ms. Nilanjana Banerjee Pal, Adv. ...for the respondent.
BEFORE:
The Hon’ble JUSTICE T.S. SIVAGNANAM
-And-
The Hon’ble JUSTICE HIRANMAY BHATTACHARYYA
Date : 13th June, 2022.
The Court : We have heard Mr. Soumen Bhattacharyya,
learned standing counsel for the appellant and Ms. Nilanjana Banerjee Pal, learned Advocate for the respondent/assessee.
The learned Advocate appearing for the respondent
submitted that a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by the State Bank of India, the financial creditor against the respondent/assessee in IVN.P/2(KB)2022 and order has been passed on 27th April, 2022 by the National Company Law Tribunal, Kolkata Bench admitting the application and ordering that there shall be a moratorium under
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Section 14 of the Code. Further, in terms of Section 238 of the Code, the provisions of this Code will have an overriding effect over the orders passed by the tribunal.
In such circumstances, the revenue cannot pursue this
appeal. For such reasons, the appeal stands dismissed.
Consequently, the question of law suggested, is left open.
With the dismissal of the appeal, the connected
application for stay (IA No.GA/2/2014) also stands closed.
(T.S. SIVAGNANAM, J.)
(HIRANMAY BHATTACHARYYA, J.)
S.Das/As.
Commissioner of Income Tax, Kolkata-IV
M/S. Simplex Projects Ltd.
T.S. Sivagnanam
Hiranmay Bhattacharyya
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
