Ankit Metal & Power Ltd. vs. Deputy Commissioner of Income tax

Parties Involved

Facts Summary

This is a batch of two appeals (ITA No. 512/Kol/2022 for AY 2008-09 and ITA No. 693/Kol/2022 for AY 2012-13) having similar set of facts. The appeals were delayed, and the assessee filed a petition for condoning the delay. The assessment for AY 2008-09 was completed on 22.11.2018, disallowing depreciation of Rs.4,36,60,503/- on new plant & machinery. The appellate order was passed on 20.01.2022, sustaining the disallowance. The assessee was not served the order and became aware of it much later, leading to a delay in filing the appeal. The appeals have been pending due to proceedings before the National Company Law Tribunal (NCLT). The Corporate Insolvency Resolution Process (CIRP) has been withdrawn, but the proceedings have been remanded back to the NCLT.…

Legal Issues

• 1. Whether the delay in filing the appeal should be condoned.
• 2. Whether the appeals should be dismissed as infructuous due to the pendency of proceedings before NCLT.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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