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of <h1>Court approves asset sale & land sub-leasing as per Income Tax directive. Petitioner to proceed as per terms.</h1> 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 ... Seeking approval to sell assets, sub-lease the land - recovery of demand and removal of provisional attachment u/s 281B - HELD THAT:- Petitioner has pointed out that the office of the Assistant Commissioner of Income Tax, Circle-18 (2), Room No. 212, C.R. Building, I.P. Estate, New Delhi-2 had issued a communication dated 21.11.2019, which is placed at page No. 72 as Annexure P-3 to the present application granting its no objection to the sale of the building, fixture and equipments as per the agreement of the parties under schedule B of the agreement for the purchase of building and assets dated 20.11.2019 between the Petitioner and Salcomp Manufacturing India Private Limited for a consideration of INR equivalent to USD 29,213,914. The department has also expressed its no objection on sub lease of land located in Nokia Telecom SEZ, SIPCOT Industrial Park, Sriperambudur, Chennai, Tamilnadu - 600 001 for consideration of INR equivalent to USD 786,086/- as per schedule C form of sub lease agreement. The said no objection is subject to the condition that the sale proceeds shall be deposited with the Income Tax Department towards meeting existing liabilities of the Petitioner- Nokia India Pvt. Ltd., in accordance with the decision of this Court dated 12.12.2013 in the present writ petition. Mr. Ruchir Bhatia learned counsel for the Respondents on instructions states that this Court may grant approval in terms of the communication dated 21.11.2019 issued by the Assistant Commissioner of Income tax with Circle 18 (2). New Delhi. Since the Income Tax Department has granted its no objection, on the conditions mentioned in the said communication, we allow the present application in terms of the said communication. The Petitioner may accordingly proceed to deal with the above mentioned properties strictly in terms of the communications 21.11.2019. 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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