Case Number: ITA 1850/DEL/2022
Appellant: Redhu Farms Pvt Ltd, Haryana
Respondent: ITO, Ward-1 Bhiwani, Haryana
Assessment Year: 2015-16
Result: Appeal dismissed
Case Filed on: 2022-08-17
Order Type: Final Tribunal Order
Date of Order: 2023-08-25
Pronounced on: 2023-08-25
1 ITA No. 1850/Del/2022
Redhu Farms Pvt. Ltd. Vs. ITO
IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH ‘F’: NEW DELHI
BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR U.S., JUDICIAL MEMBER
ITA No.1850/Del/2022 (ASSESSMENT YEAR 2015-16)
Redhu Farms Pvt. Ltd.
R R Singla and Co. 106-107, Maharaja Agarsen Shipping complex Sector 9, Rohini, Delhi, 110085
PAN-AACCR4956P
Vs. ITO,
Ward-1, SCO, 222, HUDA Complex City Centre Sector-15, Bhawani, Haryana
(Appellant) (Respondent)
Appellant by Sh. R. R. Singla, CA
Respondent by Sh. Vivek Vardhan, Sr. DR
Date of Hearing: 23/08/2023
Date of Pronouncement: 25/08/2023
ORDER
PER YOGESH KUMAR U.S., JM:
This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals) National Faceless Appeal Centre (NFAC), Delhi [“Ld. CIT(A)”, for short], dated 08/07/2022 for Assessment Year 2015-16.
2. The grounds of Appeal are as under:
“1. The ld. CIT(A) has erred in law and facts while rejecting the grounds of jurisdiction of the Ld. A.O. to frame the assessment.
2. The Ld. CIT(A) has erred in law and on facts rejecting the ground of non compliance of CBDT directions dated 6-9-2021 by the AO while framing the assessment.
3. The Id. CIT(A) has erred in law and on facts while upholding the assessment even without providing proper opportunity of being heard.
4. The Id. CIT(A) has erred in law and facts while upholding the additions of share capital by promoters and not considering the additional documents/evidences.
5. The Id. CIT(A) has erred in law and facts while upholding the trading/business additions of Rs. 12,27,37,359/- made even without rejecting the books of accounts or without pointing out any infirmity in the books of accounts of the previous year.
6. The Assessee may please be allowed to add, alter, amend its ground of appeal at any time before or during the course of hearing of the appeal.”
3. An assessment order came to be passed against the assessee company on 29/09/2021 by computing the income of the assessee at Rs. 15,03,92,501/-. Aggrieved by the assessment order, the assessee preferred an appeal before the CIT(A)/NFAC and the CIT(A) vide order dated 08/07/2022 partly allowed the Appeal by confirming some of the additions made by the A.O. Aggrieved by the order of the CIT(A), the assessee company represented by its ‘ex-Director’ filed the present Appeal on the grounds mentioned above. When the matter is taken up for hearing, the Assessee’s Representative brought to our notice regarding passing of order dated 30/03/2023 by National Company Law Tribunal, Chandigarh Bench, Chandigarh (NCLT) and submitted that Interim Resolution Professional has been appointed by the NCLT and moratorium in terms of Section 14(1) of the Insolvency and Bankruptcy Code 2016 has been declared.
4. The Ld. Departmental Representative submitted that the appeal has been filed by ex-Director and in view of appointment of Interim Resolution Professional by the NCLT, Chandigarh Bench, Chandigarh the present Appeal is deserves to be dismissed.
5. We have heard both the parties and perused the material available on record. We have gone through the order of NCLT made in CP(1B) No. 129/Chd/Hry/2021 dated 30/03/2023 wherein one Mr. Prashant Gupta has been appointed as Interim Resolution Professional. From the date of appointment of the Interim Resolution Professional, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of the inventory of assets of the Corporate Debtor.
6. In view of appointing of Interim Resolution Professional and also in terms of Section 17 of the IBC Code, the present Appeal filed by the suspended/Ex-Director is not maintainable. Accordingly, we dismiss the present Appeal with a liberty to the Interim Resolution Professional to file necessary Application or Appeal in accordance with law if he deems fit to do so. The assessee is also at the liberty to approach the Tribunal after conclusion of proceedings initiated under IBC Code in case of any necessity or on any cause of action.
7. In the result, Appeal filed by the assessee is dismissed.
Order pronounced in open Court on 25th August, 2023.
Sd/- Sd/-
(SHAMIM YAHYA) (YOGESH KUMAR U.S.)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Dated: 25/08/2023
R.N, Sr ps
Conclusion: The tribunal dismissed the appeal filed by the suspended/Ex-Director, granting liberty to the Interim Resolution Professional to file necessary applications or appeals if deemed fit. The assessee can approach the Tribunal after the conclusion of proceedings initiated under IBC Code if necessary.
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT(A)
5. DR
Asst. Registrar, ITAT, New Delhi
Redhu Farms Pvt Ltd vs ITO, Ward-1 Bhiwani, Haryana – ITA 1850/DEL/2022
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