2023 (3) TMI 38

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... has erred both in law and on facts in upholding assessment concluded by the Asst. Commissioner of Income Tax, Central Circle -27, New Delhi at Rs. 9,77,19,260/- instead of income of Rs. 9,33,18,370/- returned by the appellant. 2. That on the facts circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals)-31, has erred in upholding that inference made by Ld. AO that payments made to parties referred under section 40A(2)(b) of Income Tax Act, 1961 are liable to be disallowed under section 37 of the Act. 3. That the learned Commissioner of Income Tax (Appeals)-31, has erred both in law and on facts in confirming disallowance of Rs. 44,00,886/- being the amount spent on higher education of childre....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gment has been passed by the NCLT on 20/09/2022 by allowing the application. Therefore, submitted that consequential appropriate order may be passed in the present appeal. 5. Per contra, the Ld. DR has not disputed the fact regarding passing of the order by the NCLT and also agreed with the submission of the Ld. AR. 6. We have heard the parties, perused the material available on record and gave our thoughtful consideration. It is found that a financial creditor had filed an Application u/s 7 of Insolvency and Bankruptcy Code 2016 against the assessee in (IB)-194(ND)/2021 before the National Company Law Tribunal Principal Bench at New Delhi ('NCLT' for short) and judgment has been passed by the NCLT on 20/09/2022 by allowing the said a....