2022 (11) TMI 1567

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....v. Mr. Santosh Kr. Ray, Adv. Ms. Sannoyee Chakraborty, Adv. ..for appellant Mr. Samarjit Roychowdhury, Adv. ...for the respondent The Court :- This appeal filed by the assessee under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order passed by the Income Tax Appellate Tribunal "E" Bench, Kolkata (Tribunal) in ITA no. 1786/CAL/1998 dated 26th November, 2022 for t....

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....ht in law in disallowing the said claim on the ground that the expenditure was not incurred during the relevant year ? iii) Whether the expenditure incurred by the petitioner for shifting its factory from Entally to Salt Lake on the grounds of commercial expediency can be claimed as a permissible deduction in computing the income of the petitioner ? We have heard Mr. Joy Saha, learned ....

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.... on which adjudicating authority grants its approval under Section 31 shall be continued in any manner. Learned Senior Advocate in support his contention placed reliance on a decision of the Hon'ble Supreme Court in the case of Committee of Creditors of Essar Steel Limited Vs. Satish Kumar Gupta & Ors. reported in 2020 SCC 531 and by referring to paragraph 107 of the said decision it is submitt....

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....tion Co. Ltd.; 2021 (9) SCC 657 and our attention has been drawn to paragraph 93 of the said judgment. It has been held therein that the legislative intent behind the resolution plan under the Insolvency & Bankruptcy Code is to freeze all the claims so that the resolution applicant starts on a clean slate and is not flung with surprise claims. Further it has been held that if that is permitted, th....