TaxTMI 
TaxTMI 
2022 (6) TMI 1073
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....d in upholding the addition made by learned A.O. an has partly added Rs. 9,31,147/-to the income of assessee on account of the following: Particulars Amount (In Rs.) Disallowance of ROC Expenses 7,547/- Addition u/s 56(2)(viib) r.w.r 1 1U/1 1UA 6,73,600/- Disallowance u/s 36(l)(iii) 2,50,000/- TOTAL 9,31,147/- 2. The Ld CIT (A) has erred in law,on the facts and circumstances of the case, in assessing the income of the appellant at Rs (-) 1,66,71,312/-instead o Rs(-)l,76,02,459/- returned. As such aggregate additions of Rs 9,31,1477- may pleas be deleted. 3. The Ld. CIT (A) has upholded the AO's views that ROC expenses of Rs 7,5477- are directly related to expansion of capital base and henc....
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....urn as taken for scrutiny assessment and the AO disallowed - (i) a sum of Rs.7,547/- towards ROC expenses considering them to be capital expenditure, (ii) disallowance of additional depreciation claim on DG set of Rs.99,473/-, (iii) addition of Rs.6,73,600/- under section 56(2)(viib) r.w.r. 11U/UA being difference in share valuation, and (iv) disallowance of interest free loans and advances under section 36(1(iii) of Rs.2,50,000/-. Thus, the ld.AO determined a loss of Rs.1,65,781,839/-. The AO also determined book profit under section 115JB of the Act at Rs.27,31,249/-. 4. Aggrieved against the assessment order, the assessee filed appeal before the ld.CIT(A). The ld.CIT(A) vide order dated 18.9.2017 partly allo....
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....ses to provide an ex-gratia amount of Rs 10,00,000 (Rupees Ten Lakh Only) to the Operational Creditors being statutory creditors (i.e. Income Tax, Excise Duty, VAT, GST and Service Tax Liabilities) on a pro-rata basis after the demand of the respective department/ authority is crystallized. As per IM and list of creditors provided in Data Room other than GST and Assistant Commissioner of Sales Tax there no other statutory authorities have filed claim." 6. Thus, as against government dues, an exgratia amount of Rs.10 lakhs has been provided to the operational creditors to settle the statutory creditors viz. income-tax, excise duty, VAT, GST etc. on pro-rata basis after the demand of the respective department was crystalised. This Resoluti....
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....n plan, all the liabilities of the said stakeholders shall stand permanently extinguished after the approval of the resolution plan. We further hold that other claims including claims of Government/Statutory Authorities, whether lodged during CIRP or not, shall stand extinguished after the approval of the resolution plan. We further hold that contingent/ unconfirmed dues shall also stand extinguished..... "9. The provisions of the Resolution Plan shall be binding on the Company, its creditors, guarantors members, employees, statutory authority and other stake holders in accordance with section31 of the Code with effect from the appointed date." 9. Further, the position of law in this regard is that, the proceeding under provisio....
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....r any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan; (ii) 2019 amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which I&B Code has come into effect; (iii) Consequently 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 plan, shall stand extinguished and....