2020 (10) TMI 447

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....cess (hereinafter referred to as CIRP) were initiated by Bank of India and admitted by this Bench vide order dated 24.08.2018. Mr. R.D. Choudhary appointed as the Interim Resolution Professional by this Bench was replaced by Sri Bhuvan Madan, by the CoC in its meeting held on 24th September, 2018 and confirmed by this Bench vide its order dated 23.10.2018. 2. It is stated that present application has been preferred with a view to seek permission from this Bench for carrying out the assessment proceedings for the assessment years A.Y. 2013-14 to A.Y. 2019-20. It is stated that Applicant has issued notice under Section 153A of the income Tax Act on 25.10.2018 as the period for carrying out aforesaid assessments is going to expire on 30.09.20....

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....ich would lead to crystallization of the huge demand of Tax under the Income Tax Act. The discrepancies being (i) wrongful claim of depreciation of Rs. 165.48 crores on Plant and machineries (ii) Rs. 391.52 crores transferred for non-business purposes, (iii) Rs. 48.25 crores transferred and rotated in the form of share capital and (iv) sale of products in cash through the distributors and therefore, it is thought fit to carry out the assessment proceedings under section 153A of the Income Act read with 281B of the Income Tax Act. 6. It is submitted by the Applicant that Section 14 of the Code clearly stipulates an embargo from carrying out any legal proceedings resultantly the Applicant has preferred this application seeking permission to ....

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....nd insolvency resolution of Corporate Debtors in a time bound manner and to inspire life into a Corporate Debtor struggling to repay its debts, Section 238 was inserted in the Code. Provisions of this Section 238 override other laws as decided by the Hon'ble Supreme Court in Duncans Industries Ltd. v. A J. Agrochem, 8.3 The present application has been preferred by the Applicant to seek permission from this Adjudicating Authority to carry out the assessment proceedings under Section 153A read with 281B of the Income Tax Act. Considering the necessity of the assessment of tax, the prayer of the Applicant is accepted to the extent of only doing assessment for the AY 2013-14 to 2019-20. 8.4 It is also made clear that the Income Tax Depart....