2021 (8) TMI 1418

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....MHA CHARY, J.M. Challenging the order dated 06.10.2017 in Appeal No. 96/16-17 passed by the Commissioner of Income Tax (Appeals)-6, New Delhi ("ld. CIT(A)") in the case of Monnet Ispat & Energy Ltd. ("the assessee") for the assessment year 2013-14, the Revenue preferred this appeal aggrieved by the deletion made by the ld. CIT(A). 2. At the outset, it is submitted on behalf of the assessee that....

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....fference, the liquidation value of the assets of the assessee is not even sufficient to satisfy the admitted claim of the secured financial creditors 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 i....

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....ual and legal position, but submits that in view of Note-5, appended to Schedule-B as on the commencement of insolvency proceedings, the matter is pending before the Hon'ble High Court and other adjudication authorities. 5. We have gone through the record in the light of submissions made on either side. Dues to the Income-tax Department are reflected in list - B appended to the order dated 24.07.....

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.... be deemed to be permanently extinguished. This position of law is clear in view of the decision of Hon'ble Supreme Court in the case of Ghanashyam Mishara and Sons vs. Edleweiss Assets Reconstruction Company Ltd. (Civil appeal No.8129/2019 - Order dated 13/04/2021). 6. In these circumstances, we are of the considered opinion that the dues to the Income-tax Department for the assessment year 2013....