2021 (8) TMI 1419

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....CA Sh. Vikas Singh, CA ORDER PER O.P. KANT, AM: These three appeals filed by the Revenue are directed against respective orders dated 30/06/2017; 30/06/2017 and 14/07/2017 passed by the learned Commissioner of Income-tax (Appeals)-2, New Delhi [in short 'the Ld. CIT(A)'] for assessment years 2005-06, 2006-07 and 2007-08 respectively. Being identical issues involved in all these appeals, these....

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....of the assessee in ITA No. 173/Del/2018 for assessment year 2013-14, dismissed the appeal of the Revenue. The factual observations made by the Tribunal (supra) are reproduced as under: "2. At the outset, it is submitted on behalf of the assessee that the assessee defaulted in repayment of outstanding secured loans to various creditors, and on the application of State Bank of India, one of the Se....

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....itors in full and, therefore, the liquidation value due to the unsecured financial creditors, operational creditors and other creditors of the assessee as per waterfall mechanism mentioned under section 53 of the Code is nil. It was further observed that in respect of the treatment of other creditors, this approved resolution plan discloses that all other liabilities and obligations of the assesse....

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....6,35,25,186/- and therefore, by application of the waterfall mechanism mentioned in section 53 of the Code, the liquidation value due to unsecured financial creditors, operational creditors and other creditors of the assessoe becomes nil. It is clear that in terms of the resolution plan as approved by the NCLT, all claims or demands or liabilities or obligations owed or payable to or assessed by o....