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2024 (1) TMI 352 - ITAT DELHIAllowability of business expenses and business loss - as submitted business of the assessee was not set up during FY 2009-10 and that the assets were not used by the assessee for the purpose of its business during AY 2010-11 - AR submitted that the assessee company has been admitted to Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code HELD THAT:- On perusal of records, we find that the NCLT in the matter of M/s. Rapid Buildwell Ltd. [2022 (11) TMI 1437 - NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH] has granted moratorium against the institution of proceedings against the corporate debtor by issuing direction as a consequence of the application being admitted, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the corporate debtor, prohibiting as per proviso (a) to (d) of the Code However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force. Pursuant to the aforementioned directions of the NCLT, we dismiss the appeal of the Revenue without going into the merits of the case. Revenue shall be free to institute the appeal after the completion of the CIRP proceedings, if so advised, as per the relevant provisions of the Act, for which the Ld. Sr. DR had no objection.
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