The Principal Commissioner Of…Appellantincome Tax (Central), Bengaluru v. Muktar Minerals Pvt. Ltd

Meena IN THE HIGH COURT OF BOMBAY AT GOA TAX APPEAL NO.7 OF 2017 WITH TAX APPEAL NO.8 OF 2017 WITH TAX APPEAL NO.9 OF 2019 WITH TAX APPEAL NO.8 OF 2019 THE PRINCIPAL COMMISSIONER OF…AppellantINCOME TAX (CENTRAL), BENGALURU. VS MUKTAR MINERALS PVT. LTD. ...Respondent Ms Amira Abdul Razaq, Standing Counsel for the Appellant. Mr Pavithran A.V., Advocate for the Respondent. CORAM:M.S. SONAK & BHARAT P. DESHPANDE,JJ. P.C.: DATE:29[th] AUGUST,2023 1.Heard Ms Razaq, learned Standing Counsel for the Income TaxDepartment and Mr Pavithran, learned Counsel for the respondent. 2.Tese tax appeals have been instituted by the Revenue. During thependency of these tax appeals, admittedly, the respondent- Company hasgone into liquidation. Te National Company Law Tribunal (NCLT) byits order dated 05/05/2021 has imposed a moratorium under Section 14of the Insolvency and Bankruptcy Code (IBC). 3.Ms Raqaz points out that the liquidator, by his communicationdated 28/03/2023 has admitted the claim of the Revenue to the extent of₹32,11,68,909/-before the NCLT in the proceedings under the IBC. 4.Considering the provisions of IBC and the decisions of theHon’ble Supreme Court in the case of Principal Commissioner ofIncome-tax v/s. Monnet Ispat & Energy Ltd ([2019]107 taxmann.com481 (SC)), New Delhi Municipal Council v/s. Minosha India Ltd([2022]138 taxmann.com 73(SC)) and the decision of the Delhi HighCourt in Pr. Commissioner of Income Tax-6 New Delhi v/s. MonnetIspat & Energy Ltd. ([2017] ibclaw.in 08 HC), it would be appropriateto dispose of these appeals by granting liberty to the parties/liquidator toseek revival depending upon the order that the NCLT shall eventuallymake in the liquidation proceedings. 5.Tis was the precise course of action adopted by the Delhi HighCourt in the case of Monnet Ispat and Energy Ltd.(supra). Ms Razaqalso placed for consideration of this Court a decision of ITAT in PratibhaIndustries Ltd v/s. Deputy Commissioner of Income-tax ([2022] 142taxmann.com 295 (Mumbai - Trib.)), wherein in similar circumstances, asimilar approach was adopted. Te appeals were disposed of with libertyto the parties/liquidator to seek recall or revival as and when the occasionarises. 6.Ms Razaq also referred to the provisions of Section 60(6) of IBC inthe context of the exclusion of the moratorium period for the purposes oflimitations. 7.Accordingly, all these appeals are disposed of with liberty to theparties/liquidator to seek revival depending upon the orders made by the NCLT in the proceedings for the liquidation of the respondent-Company. BHARAT P. DESHPANDE,J. M. S. SONAK, J. MEENA Digitally signed by MEENA VISHAL BHOIR VISHAL BHOIRDate: 2023.08.29 17:26:23 +05'30'