TaxTMI 
TaxTMI 
2023 (3) TMI 663
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....ted the assessee on various dates of hearing. On going through the records in the appeal folder, from a letter dated 07.02.2018 from Mr. Sumit Binani (Liquidator), it was informed to the Registry that a liquidation order dated 11.01.2018 was passed by the National Company Law Tribunal (NCLT), Kolkata Bench, Kolkata in respect of the assessee company. It is stated in the said letter that the undersigned i.e. Mr. Sumit Binani has been appointed as the liquidator for the process. Copy of order passed by NCLT for liquidation of the assessee was also enclosed with this letter. Mr. Sumit Binani filed the appeal for defending the order of Ld. CIT(A) which is placed on record. 3.1. Vide another letter dated 27.08.2018 the liquidator submitted that a Corporate Insolvency Resolution Process (CIRP) u/s. 10 of the IBC read with section 7 of Insolvency & Bankruptcy (Application of adjudicating authority) Rules 2016 was initiated and by an order dated 07.04.2017, NCLT, Kolkata bench had appointed Mr. Sumit Binani as the Interim Resolution Professional (IRP) who was subsequently appointed as the Resolution Professional (RP) by the Committee of Creditors (COC). It is stated in the said letter t....
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.... up whether under the orders of a court or otherwise ; or (b) who has been appointed the receiver of any assets of a company; (hereinafter referred to as the liquidator) shall, within thirty days after he has become such liquidator, give notice of his appointment as such to the Incometax Officer who is entitled to assess the income of the company. (2) The Income-tax Officer shall, after making such enquiries of calling for such information as he may deem fit, notify to the liquidator within three months from the date on which he receives notice of the appointment of the liquidator the amount which, in the opinion of the Income-tax Officer, would be sufficient to provide for any tax which is then, or is likely thereafter to become, payable by the company. [(3) The liquidator- (a) shall not, without the leave of the Commissioner, part with any of the assets of the company or the properties in his hands until he has been notified by the Income tax Officer under sub-section (2) ; and (b) on being so notified, shall set aside an amount, equal to the amount notified and, until he so sets aside such amount, shall not part with any of the assets....
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.... the same within the permissible limitation. The observations and findings in the said decision are reproduced as under: "These cross appeals have been filed the Revenue and the Assessee challenging various grounds as against the order of Ld.CIT(A) pertaining to various assessment years. 2. There is delay in filing the appeals in ITA No.7006 & 7007/Mum/2016 by 10 days. After hearing the parties, we deem it fit to condone the delay and admit appeals for adjudication. 3 Pratibha Industries Ltd. 3. The assessee company is engaged in the business of construction and development of infrastructure projects. During the course of the appellate proceedings, the Ld.AR representing the assessee company had submitted details with regard to the proceedings before the Hon'ble National Company Law Tribunal under various provisions of Insolvency and and Bankruptcy Code2016 initiated by Bank of Baroda as one of the lender of the assessee company. It was further stated that Hon'ble NCLT vide its order dated 01/02/2019 had appointed Mr. Sunilkumar Choudhary as Interim Resolution Professional & subsequently one Mr. Anil Mehta was appointed as Resolution Professional....
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....overriding effect over the provisions of the Incometax Act which has been decided by Hon'ble Apex Court in Principal Commissioner of Incometax Vs Monnet Ispat & Energy Ltd in Special Leave to Appeal (C) No(s). 6483/2018 & Ors dated 13/08/2018 wherein the Hon'ble Apex Court had observed that as per section 238 of IBC, the IBC Code will override anything inconsistent contained in any other enactment, including the Income-tax Act. It is also trite to peruse section 178 of the Income-tax Act, 1961 which has been amended for the purpose of preventing any conflict with provisions of IBC Code which is reproduced as under:- "178. (1) Every person- (a) who is the liquidator of any company which is being wound up whether under the orders of a court or otherwise ; or (b) who has been appointed the receiver of any assets of a company; (hereinafter referred to as the liquidator) shall, within thirty days after he has become such liquidator, give notice of his appointment as such to the Incometax Officer who is entitled to assess the income of the company. (2) The Income-tax Officer shall, after making such enquiries of calling for such information as he may d....