Court approves asset sale & land sub-leasing as per Income Tax directive. Petitioner to proceed as per terms.

The Court granted approval for the sale of assets and sub-leasing of land as per the communication issued by the Assistant Commissioner of Income Tax. The Petitioner was directed to proceed with the transactions in accordance with the terms outlined in the communication dated 21.11.2019. The order was to be given dasti under the signatures of the Court Master, concluding the matter.

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Issues:
1. Approval to sell assets and sub-lease land.
2. Modification of previous orders dated 26.09.2013 and 12.12.2013.

Analysis:
1. The Petitioner filed an application seeking approval to sell assets, sub-lease land, and modify previous orders. The Assistant Commissioner of Income Tax, Circle-18 (2), issued a communication on 21.11.2019 granting no objection for the sale of a building, fixtures, and equipment to Salcomp Manufacturing India Private Limited for a specified amount. The department also approved the sub-lease of land located in Nokia Telecom SEZ, SIPCOT Industrial Park, subject to conditions. The sale proceeds were required to be deposited with the Income Tax Department to meet existing liabilities of the Petitioner. The Respondents' counsel accepted the notice and confirmed the department's no objection. The Court allowed the application based on the conditions specified in the communication from the Income Tax Department.

2. The Court disposed of the application after granting approval for the sale of assets and sub-leasing of land as per the communication issued by the Assistant Commissioner of Income Tax. The Petitioner was directed to proceed with the transactions in accordance with the terms outlined in the communication dated 21.11.2019. The order was to be given dasti under the signatures of the Court Master, concluding the matter.

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