TaxTMI 
TaxTMI 
TaxTMI 
2024 (11) TMI 851
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....(ia) can be made only of such expenses on which tax was not deducted at source and which were payable as on the last day of the year without appreciating the fact that the Gujarat High Court in the case of Sikandarkhan N.Tunvar (33 taxmann.com 133) and Calcutta High Court in the case of Crescent Exports Syndicate (33) taxmann.Com 250) have held that the provisions of sec. 40(a)(ia) would cover not only the amounts which are payable as on 31 March of a previous year but also the amounts which are payable at any time during the year 2. On the facts and in the circumstances of the case and in law, the Ld. CIT (Appeals) has erred in deleting the addition of ALV of the unsold flats under the head income from house property without taking into consideration the decision of the Delhi High Court in the case of Ansal Housing Finance & Leasing Co. Ltd. (354 ITR 180) wherein it has been held that the annual letting value of unsold flats in the closing stock/inventory should be taxed under the head income from house property. 3. Any other ground that may be urged at the time of hearing." 3. For the assessment year 2008-09, the Revenue in its appeal has raised following grounds:- "1. On ....
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....ry should be taxed under the head income from house property. 6. Any other ground that may be urged at the time of hearing." 2. Before us, during the course of hearing, while going through the material available on record filed by the learned Authorised Representatives appearing for the assessee, it is evident that the assessee company had gone under insolvency proceeding under Insolvency and Bankruptcy Code Act, 2016, and furnished a copy of the order dated 04/06/2024, passed by the National Company Law Tribunal ("NCLT"), Mumbai Bench-VI, a copy of which is placed on record vide Paper Book Page-7 to 27, whereby, as per order passed by the NCLT, pending proceedings before the Tribunal has been prohibited. The relevant part of the order dated 04/06/2024, passed by the NCLT is reproduced below:- "ORDER This application bearing C.P. (IB) No. 1180/MB/2022 filed under Section 7 of the Code by the Financial Creditor for initiating Corporate Insolvency Resolution Process (CIRP) in respect of Gigeo Construction Company Private Limited, the Corporate Debtor, is admitted. We further declare moratorium under Section 14 of the Code with consequential directions as mentioned below:- I....
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....uding this Tribunal and also judgments relied upon by the learned A.R. for the assessee which covers the case of the assessee respondent. Hence, in view of the judicial pronouncements, as relied upon by the learned A.R. appearing for the assessee, the appeal filed by the Revenue is liable to be dismissed. 6. In the result, appeals filed by the Revenue for the assessment year 2007-08 and 2009-10 are dismissed. ITA No.486/Nag./2016 Assessee's Appeal - 2003-04 4. Following grounds have been raised by the assessee:- "The order passed is illegal, invalid and bad in law. 2. The Commissioner of Income Tax (Appeals)-III, Nagpur erred in confirming penalty imposed u/s. 271(1)(c) is unjustified, unwarranted and excessive. 3. On the facts and in the circumstances of the case the Commissioner of Income Tax (Appeals)-III, Nagpur erred in confirming penalty without considering the contention of the assessee though assessee is not liable for penalty u/s. 271(1)(c), imposition of penalty is unjustified, unwarranted and excessive. 4. On the facts and in the circumstances of the case the Commissioner of Income Tax (Appeals)-III, Nagpur erred in confirming penalty even though the conceale....
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....ceedings shall be initiated by or against the corporate debtor which is also applicable for pending proceedings and the proviso to section 33(5) also provides prior approval of the Adjudicating Authority to be obtained by the Official Liquidator. Pertinently, it is also to be observed that in case of parallel proceedings under Income Tax Act 1961 and IBC, 2016, the IBC has an overriding effect over the provisions of the Income Tax Act which has been decided by Hon‟ble Apex Court in Pr. CIT v. Monnet Ispat & Energy Ltd (2019) 107 taxmann.com 481 (SC) : 2018 TaxPub(DT) 6660 (SC) wherein the Hon‟ble Apex Court had observed that as per section 238 of IBC, the IBC Code will override anything inconsistent contained in any other enactment, including the Income Tax Act. It is also trite to peruse section 178 of the Income Tax Act 1961 which has been amended for the purpose of preventing any conflict and provision of IBC Code which is reproduced as under "178. (1) Every person - (a) Who is the liquidator of any company which is being wound up whether under the orders of a court or otherwise; or (b) Who has been appointed the receiver of any assets of a company: (hereinaf....