The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) has held that appeals by the assessee as well as revenue are not maintainable unless liquidator amend form 36A during winding up proceedings.
The assessee, Osian’s Connoisseurs of Arts Pvt. Ltd., preferred an appeal against the order of the Principal Commissioner of Income Tax (PCIT), setting aside the order of assessing officer and reopening the assessment under section 263 of the Income Tax Act.
During appellate proceedings, the counsel for the revenue submitted that one of the lenders of the assessee company referred the matter to the National Company Law Tribunal under the Insolvency and Bankruptcy Code. The application of the creditor has been accepted and the interim resolution professional has also been appointed.
The Tribunal observed that once an interim resolution professional has been appointed by the NCLT, then the earlier counsel authorized by the management of the company has no authority to represent the case and therefore adjournment sought on his behalf was accordingly rejected.
The Tribunal by relying on theTribunal’s own decision in the case of Orbit Corporation Limited, further observed that once the winding up proceedings are initiated against the assessee, the appeals by the assessee as well as the revenue are not maintainable in the present format as the liquidator had not come up before the Tribunal to file the amended Form No. 36A in case the assessee as well as revenue,s appeal.
The Coram of Mr. Kuldip Singh, JM and Mr. Om Prakash Kant, AM has held that “we find that in the instant case also the Form 36A has not been amended. Therefore, this appeal is not maintainable in the present format”.
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