The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that no effective adjudication survives in income tax appeals filed by EMI Transmission Limited after the company underwent liquidation under the Insolvency and Bankruptcy Code (IBC).
It noted that the company had been sold as a going concern and the liquidation proceedings had been closed by the National Company Law Tribunal (NCLT).
A bench of Judicial Member Amit Shukla and Accountant Member Girish Agrawal was hearing EMI Transmission Limited’s appeals for assessment years 2011-12 to 2018-19 against orders sustaining various income tax additions.
The tribunal observed, “In view of the foregoing discussion, and having regard to the subsequent developments which…