Indianroots Retail Private Limited, a subsidiary of Indianroots Shipping Ltd and formerly part of the NDTV group during the assessment year 2015-16, filed an appeal against the order dated 27/6/2019 passed by the Commissioner of Income Tax (Appeals) in appeal No. 178/18-19/CIT(A)-22, New Delhi. The appeal was disposed of ex parte and dismissed in limine.
The appellant showed a loss of Rs. 10,86,33,547/- in their income tax return for the assessment year 2015-16. Subsequently, Nameh Hotels and Resorts Private Limited acquired the appellant, resulting in a transfer of assets between the parties.
Assessment under section 143(3) of the Income Tax Act, 1961 was conducted on 29/12/2017, making additions and disallowances amounting to Rs. 8,76,19,009/-. The appellant appealed against this assessment before the CIT(A).
During the proceedings, the appellant faced challenges due to changes in control and the appointment of a resolution professional by NCLT under the Insolvency and Bankruptcy Code, 2016 for Indianroots Shipping. This led to delays in the appeal process.
The appellant argued for condonation of the delay citing circumstances beyond their control, including the pandemic and changes in corporate governance.
The Tribunal, after considering the submissions, allowed the plea of the appellant and condoned the delay. The appeal was remanded to the CIT(A) for fresh disposal on merits after affording an opportunity to the assessee to be heard.
Ultimately, the appeal of the assessee was allowed for statistical purposes.
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘C’ NEW DELHI
BEFORE SHRI O.P. KANT, ACCOUNTANT MEMBER AND SHRI K.N. CHARY, JUDICIAL MEMBER
ITA No. 77/DEL/2021 (A.Y 2015-16) – Indianroots Retail Private Ltd. vs. DCIT Circle 12(1), New Delhi
Order pronounced in the open court on the 18th day of February, 2021.
Why Case Filed: ITA 77/DEL/2021 – Indianroots Retail Pvt Ltd vs. DCIT Circle-12(1), New Delhi
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