2026 (3) TMI 90

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....This appeal has been filed against the order dated 17.09.2025 in IA/1347(AHM)2024 in CP(IB) 616 of 2018 by which order application filed by Liquidator has been allowed. Brief facts of the case necessary to be noticed for deciding this appeal are: (i) CIRP process against the Corporate Debtor - M/s Shri Jalaram Rice Industries Private Limited commenced vide order dated 12.04.2019. Company was put to liquidation by order dated 19.09.2019. (ii) The Successful Auction Purchaser has deducted Tax at source from sale consideration and deposited the same with Income Tax Department. The Successful Auction Purchaser had deposited an amount to the tune of Rs. 18,77,000/- during the A.Y.2022-23 towards Tax deducted at source. ....

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....016. 3. Shri Ankur Mittal, learned counsel for the Liquidator submits that in the present case, the Income Tax Department has not filed any claim and no claim having been filed, there is no question of set off with respect to any demand pertaining to year 2011-12. Learned counsel for the Liquidator has placed reliance on judgment of this Tribunal in "Om Prakash Agarwal vs. Chief Commissioner of Income Tax (TDS), Company Appeal (AT) (Ins.) No.624 of 2020" decided by this Tribunal on 08.02.2022. 4. We have heard learned counsel for the parties and perused the record. 5. The submission which has been pressed by learned counsel for the Appellant is relying on Regulation 29 of Insolvency and Bankruptcy Board of India (Liquidation Proces....

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....y demand pertaining to A.Y. 2011-12. It was open for the Appellant to file a claim and then could have claimed set off in accordance with law. In any view of the matter, in the present case, Appellant having not filed any claim question of claiming set off does not arise. 8. The Adjudicating Authority noticed the facts and gave its observations in Para 11 and 12, which are as follows: "11. It is observed that the while the assets of the Corporate Debtor were liquidated through e-auctions, the successful bidders have deducted the TDS in terms of the provision of the income Tax Act. The applicant has filed the income tax return of the corporate debtor on 31.10.2022. As per the said return, the corporate debtor was entitled for a r....