2022 (3) TMI 388

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....earned counsel appearing for the Respondent Income Tax Department. 2. Writ petition was preferred for the following relief (s). a) For issuance and setting aside the ex-parte Rejection Order dated Nil passed by Respondent No. 3, received by the Petitioner on 11.01.2022 (Annexure-7), whereby the Application dated 20.04.2021 (Annexure-2) filed by the Petitioner for issuance of No deduction of Income Tax Certificate u/s 197 of the Income Tax Act, 1961, has been rejected, after more than nine months, mainly on two grounds i.e. (i) total TDS/TCS demand of Rs. 1,61,87,949/- is outstanding for the period 2008-09 to 2017-18 and (ii) estimated profit projection is not acceptable in view of the post COVID situation and resurgence in busin....

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....reme Court in Civil Appeal No. 7147-7150 of 2020 in the case of the Petitioner reported in (2021) 9 SCC 657 and also in view of the Order dated 10.01.2022 (Annexure-8) passed by this Hon'ble Court in W.P.(T) No. 6631-6632 of 2019 in the case of the Petitioner, wherein, it has been held, interalia, that all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution no plan, and shall stand extinguished proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under Section 31 of the Insolvency and Bankruptcy Code, 2016 could be continued and in the instant case, such approval was granted....

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....ch is quoted hereunder: "The same issues were considered for issuance of lower deduction certificate during F.Y.2020-21 instead of a Nil deduction certificate. For F.Y.2021-22 however till date TDS of Rs. 8.15 crores have already been deducted so there is no need to provision for the demand and a? Nil? deduction certificate may be issued. Comments provided by Range Head:-In the instant case, the estimated income of the assessee is Rs. 508.83 crores for FY 2021- 22. However, after the set off previous years loss, the net income is in negative. Further, there is total manual and cpc processed outstanding demand for previous years are 1.80 crores altogether, whereas through TDS/TCS, an amount of Rs. 8.15 crores have already been withh....