TaxTMI 
TaxTMI 
2023 (10) TMI 269
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..... The grounds of appeals are as under:- ITA No. 543/Ahd/2022 A.Y. 2012-13 "1. On the facts and in the circumstances of the case, Ld. CIT(A) erred in holding that additions made by AO in present order would not survive after order of NCLT and consequentially deleted the additions. 2. On the facts and in the circumstances of the case, Ld. CIT(A) has failed to appreciate the order of Hon'ble Supreme Court in Civil Appeal No.1661 of 2020 in the case of State Tax Officer vs. Rainbow Papers Ltd inter-alia holding as below :- "....(Para 58) 'the Appellate Authority(NCLAT) and the Adjudicating Authority erred in law in rejecting the application/appeal of the appellant. As observed above delay in filing a ....
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....judicating Authority erred in law in rejecting the application/appeal of the appellant. As observed above delay in filing a claim cannot be the sole ground for rejecting the claim..." "....(Para 57) the definition of secured creditors in the IBC does not exclude any Government or Governmental Authority...." ".....(Para 54) the Committee of Creditors, which might include financial institutions and other financial creditors, cannot secure their own dues at the cost of statutory dues owned to any Govt. or Govtal Authority or for that matter, any other dues..." 3. On the facts and in the circumstances of the case, Ld. CIT(A) erred in deleting the addition of Rs. 2,10,000/- made on account of Income from House Property....
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....ara 54) the Committee of Creditors, which might include financial institutions and other financial creditors, cannot secure their own dues at the cost of statutory dues owned to any Govt. or Govtal Authority or for that matter, any other dues..." 3. On the facts and in the circumstances of the case, Ld. CIT(A) erred in deleting the addition of Rs. 2,87,00,000/- made u/s 68 of the Act as unexplained income. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) ought to have upheld the order of the A.O. 5. It is, therefore, prayed that the order of the Ld. CIT(A) be set aside and that of the A.O. be restored to the above extent." 3. The assessee has filed return of income for assessment ....
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....ng in the order already passed by the Commission cannot be made based on presumptions and assumptions of the Department without any evidence that the applicant has incurred alleged expenditure in the form of paying commission with regard to paper transactions of M/s Utkantha Trading Ltd. and 41 concerns of Mudaliar. Therefore, the Income Tax Settlement Commission refused to interfere with the order already passed by the Settlement Commission u/s. 245D(4) dated 07-11-2014 and rejected request made by PCIT u/s. 245D(6) of the Act. Thus, the assessee submitted before the Assessing Officer that the Department had no authority to make the assessment u/s. 147 and the matter raised by the Department was categorically quashed by the Settlement Comm....
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....s. 6. The ld. Authorized Representative submitted that once the NCLT passed an order approving the resolution plan, the same is binding on all the authorities including the Central Government and all the dues including the dues not forming part of resolution plan shall stand extinguished. The ld. Authorized Representative relied upon the following decisions:- * Ghanshyam Mishra & Sons P. Ltd. vs. Edelweiss Asset Reconstruction Co. Ltd. - (2021) 9 SCC 657; * Oasis Textiles Limited vs. DCIT, Ahmedabad - ITA No.87/Ahd/2019; * Garden Silk Milk Limited vs. CIT - Tax Appeal No.875 of 2013 (Gujarat); * Murli Industries Ltd. vs. Addl. Commissioner of Income Tax - 2021 SCC OnLine Bom 6187; * Paschimaha....