2026 (6) TMI 910

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....ct, 1961 (in short "the Act") dated 28.10.2025 for Assessment Year (AY) 2015-16. 2. The assessee is a company and filed the return of income for AY 2015-16 on 30.11.2015 admitting total income at Nil. There was a search and seizure operation u/s. 132 of the Act carried in the case of M/s. Shri Rama Chandra University Trust Group on 23.11.2015. The A.O of the searched party has sent satisfaction notice u/s. 153C of the Act stating that certain seized materials belongs to the assessee and accordingly the A.O after recording satisfaction issued a notice u/s. 153C of the Act. The assessee in response filed the return declaring total income at Nil. Since the assessee had international transactions, the A.O made a reference to the Transfer Pri....

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....he CIT(A) on merits gave partial relief to the assessee. Both the assessee and the Revenue are in appeal against the order of the CIT(A). 3. The Ld. Authorized Representative (AR) of the assessee submitted that Ground No.5 in assessee's appeal pertains to the legal contention that all claims, demands and statutory dues of the revenue prior to 31.03.2020 i.e. effective date stands extinguished and nullified. The ld AR further submitted that if the said ground is considered and allowed, the rest of the grounds of the assessee and also the grounds of the revenue would become academic. Accordingly we will first consider Ground No.5 in assessee's appeal. 4. The ld AR reiterated the facts as submitted before the lower authorities. T....

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.... Debtor is or may be subject to and which pertains to the period on or before the Effective Date, shall stand irrevocably and unconditionally settled, discharged and extinguished in perpetuity." 5. The Ld. AR also drew our attention to the decision of the Coordinate Bench of the Tribunal in assessee's own case for AY 2013-14 & 2014-15 with regard to levy of penalty where the Coordinate Bench has deleted the penalty considering the resolution plan of the NCLT. The relevant observations of the Coordinate Bench in this regard are extracted below: "14. Having heard both the parties and on perusal of the sequence of events as filed by the Id. AR vide letter dated 28.08.2024, which is not disputed by the Id. DR, we find from the d....

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....he other hand, relied on the orders of the TPO/A.O. 8. We have heard the parties, and perused the material available on record. The final assessment order u/s. 143(3) r.w.s.144C r.w.s.153C in assessee's case is passed on 18.02.2019 and the NCLT order approving the resolution plan is passed on 27.06.2019. From the perusal of the order of NCLT we notice that all pending claims that are not part of the resolution plan which pertain to the period on or before the Effective Date i.e. 31.03.2020, shall stand irrevocably and unconditionally settled, discharged and extinguished in perpetuity. During the course of hearing it is submitted before us that no demand or claim towards income tax dues have been placed before the NCLT and that the sa....