TaxTMI 
TaxTMI 
2023 (6) TMI 612
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....hat order and has raised eleven grounds of appeal as under:- "GROUNDS OF APPEAL GROUND NO. 1: THE ASSESSMENT ORDER PASSED U/S 143(3) OF THE ACT IS BAD IN LAW: 1. On the facts and circumstances of the case and in law, Id. Assessing Officer ("the AO") erred in passing the assessment order u/s 143(3) of the Act in the moratorium period declared by the NCLT in terms of section 14 of The Insolvency and Bankruptcy Code, 2016. 2. The Appellant prays that the assessment order passed in the moratorium period is bad in law and ought to be quashed. WITHOUT PREJUDICE TO GROUND NO. I. GROUND NO. II: IMPUGNED ORDER IS IN CONTRAVENTION TO THE PROVISIONS OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 ("IBC"): 1. On the facts and circumstances of the case and in law, the CIT (A) erred in dismissing the appeal filed by the Appellant as infructuous against the order u/s 143(3) of the Act dated December 30, 2019, passed by the AO in contravention to the provisions of the IBC read with the Resolution Plan ("RP") approved by the Adjudicating Authority under IBC 2. Ld. CIT (A) failed to appreciate and ought to have held that i.....
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....ant prays that the disallowance made by the AD u/s 14A of the Act rwr 8D amounting to Rs. 3,65.56.216/- he deleted or appropriately reduced. WITHOUT PREJUDICE TO GROUND NO. 1, II, III and IV, GROUND NO. V: ADDITION OF DISALLOWANCE U/S 14A WHILE CALCULATING BOOK PROFITS U/S 115JB OF THE ACT: 1. On the facts and circumstances of the case and in law, the AO erred in making an addition of disallowance u/s 14A of the Act r.w.r. 8D amounting to Rs. 1.87.26,158/- while calculating the book profits w/s 115JB of the Act. 2. The Appellant prays that the AO be directed to delete the aforesaid addition computed in accordance with Rule 8D made to Book Profit u/s 115JB of the Act. 3. Without prejudice, the Appellant prays that the addition be appropriately reduced. WITHOUT PREJUDICE TO GROUND NO. 1, II AND III, GROUND NO. VI: CAPITALISATION OF INTEREST ON CWIP AMOUNTING TO Rs. 65,53,80,000/- 1. On the facts and circumstances of the case and in law, the ld. AO erred in capitalization of interest on CWIP of 65,53,80,000/- being 12% of CWIP closing balance of 54,615 lakhs on ad-hoc basis. 2. The AO, inter-alia, failed ....
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....e applicable. 3. The Appellant prays that the interest u/s 234C be deleted or appropriately reduced. WITHOUT PREJUDICE TO GROUND NO. I. II AND III, GROUND NO. X: NON-GRANTING OF CREDIT OF DIVIDEND DISTRIBUTION TAX (DDT) PAID AMOUNTING TO Rs. 18,25,31,557/- AND LEVY OF INTEREST U/S 115P AMOUNTING TO Rs. 7,11,00,869/-: 1. On the facts and circumstances of the case and in law, the Id. AO in the computation sheet, erred in not granting credit of DDT paid amounting to Rs. 18,25,31,357 2. The AO further erred in levying interest u/s 115P of the Act amounting to Rs. 7,11,00,869/- on the amount of DDT. 3. The Appellant prays that the credit for DDT amounting to Rs. 18,25.31.557/- be granted and interest u/s 144P amounting to Rs. 7.11.00,869/- be deleted. WITHOUT PREJUDICE TO GROUND NO. I, II AND III, GROUND NO. XI: NON-GRANTING OF DEDUCTION U/S 36(1) (viia) AND 36(1) (viii)OF THE ACT: 1. On facts and circumstances of the case and in law, the AO erred in not granting deduction u/s 36(1) (viia) and 36(1) (viii) of the Act on the assessed income. 2. The Appellant prays that the AO be directed to calculat....
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....administrator under IBC 2016 (Insolvency and Bankruptcy Code). Thus, the learned CIT (A) dismissed the appeal being infructuous and directed the learned Assessing Officer to pursue the remedy in accordance with the orders of NCLT and NCLAT. Against this order M/s Piramal Capital & Housing Finance Limited is aggrieved and has filed this appeal. 04. Assessee has raised several grounds of appeal. Assessee submitted a chart mainly pressing ground number 2 that the impugned order passed by the learned CIT - A is in contravention of the provisions of The Insolvency And Bankruptcy Code, 2016 stating that appeal of the assessee should be allowed for statistical purposes. The learned authorized representative referred the approved a resolution plan, the order of the NCLT and the order of the NCLAT. The main contention was that since the resolution plan contain specific prayer for waiver of tax dues pertaining to assessment year 2017 - 18 and the said resolution plan has been approved by NCLT as well as NCLAT , the appellant submits that the "appeal be allowed for statistical purposes" should have been the decision and it be held that no recovery of demand for the said assessment year be ....
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.... Against this appellate order, the assessee is in appeal before us. We find that the assessee itself has made a representation before the learned CIT - A as per submission dated 21 November 2022 stating that the tax dues for assessment year 2017 - 18 cannot be recovered from the assessee as it was part of the resolution plan. The learned CIT - A reached at a conclusion that when nothing can be recovered from the assessee, there could not have been any grievance on part of the assessee; therefore he held that the appeal of the assessee is infructuous and was dismissed. Before us also it is apparent that nothing is recoverable from the assessee as the insolvency resolution plan included assessment year 2017 - 18 and tax demand any arising out of that assessment proceedings is not at all enforceable. However the assessee is aggrieved that the learned CIT - A should have mentioned that the appeal of the assessee is allowed. Whether the learned CIT appeal should have mentioned as the appeal of the assessee is dismissed or appeal of the assessee is allowed does not make any difference for the reason that in fact assessment order passed by the learned AO becomes unenforceable. According t....