2024 (2) TMI 623

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....814 of 2023 - -<br>Insolvency & Bankruptcy<br>[ Justice Ashok Bhushan ] Chairperson , [ Barun Mitra ] Member ( Technical ) And [ Arun Baroka ] Member ( Technical ) For the Appellant : Mr. Anup Kumar and Mr. Sumit Kansal , Advocates ORDER ( Hybrid Mode ) I.A. No. 5814 of 2023: This is an application praying for condonation of 14 days' delay in filing the Appeal. Ground taken in the affi....

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....Appellant to approach the concerned statutory authority for those concessions and reliefs. Learned counsel for the Appellant submits that the Appellant was entitled to carry forward its accumulated losses as per Section 79(2) of the Income Tax Act and its resolution plan has included all these aspects. The Adjudicating Authority had already issued notice to the Income Tax Department and heard. ....

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.... applicant or the successful resolution applicant can through a separate application apply before this Adjudicating Authority with a notice to the Principal Chief Commissioner of Income Tax having jurisdiction for allowing carry forward losses, if any, under the provisions of section 79(2) of the Income Tax Act. As far as other reliefs and concessions as sought by the resolution applicant....

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.... the competent jurisdictional Income Tax Authority to claim the benefit. We are of the view that no error has been committed by the Adjudicating Authority by directing the Successful Resolution Application to approach the concerned statutory authority. 8. In so far as, other reliefs and concessions, the Adjudicating Authority has allowed the application and direction has been issued in Para 13 ....