In a relief to Kingfisher Capital CLO Limited, the Income Tax Appellate Tribunal (ITAT) Mumbai bench has asked the income tax department to file a fresh appeal as the current appeal is not maintainable against a Company after liquidation.
A assessment was framed against the assessee on the basis of section 143(3) read with section 144C(3) of the Income Tax Act, 1961 revising the total income to Rs.1,80,03,34,151/-, penalty proceedings under section 271(1)(c) of the Act were initiated. Declining the contentions raised by the assessee the Assessing Officer (AO) proceeded to conclude that the assessee has deliberately concealed the income by furnishing inaccurate particulars of income to reduce their tax liability and thereby levied the penalty to the tune of Rs.91,19,56,419/- being 100% of the tax sought to be evaded under section 271(1)(c) of the Act.
The assessee company contended that since it has been liquidated by the National Company Law Appellate Tribunal (NCALT) vide order dated 07.11.2019 and as such no longer in existence.
A bench of Shri M. Balaganesh, Accountant Member and Shri Kuldip Singh, Judicial Member observed that when the respondent company has already gone into liquidation vide order and is no more in existence the present appeal filed by the Revenue is not maintainable in the present format as liquidator has not come up before the Tribunal despite numerous notices to file the amended form 36A in the present appeal.
“So in these circumstances present appeal is not maintainable in the present format,” the Tribunal said.
While concluding, the Tribunal held that “Resultantly, aforesaid appeal is dismissed being not maintainable at this stage, with liberty to file fresh one in proper format duly verified by the person authorized to file the return of income, if need be, or to get the present appeal restored by moving an application.”Subscribe Taxscan AdFree to view the Judgment