TaxTMI 
TaxTMI 
2026 (9) TMI 1002
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....in confirming the addition made by the AO of Rs. 4,50,00,000 as unexplained money u/s 68 r.w.s. 115BBE of the Act on the ground that the Appellant has failed to establish the source of amount credited in the books of accounts. The Appellant submits that it had explained the nature and source of the credit of Rs 4,50,00,000 in its books of accounts along with documentary evidences and hence on the facts and circumstances of the case and in law, additions made by the AO u/s 68 r.w.s. 115BBE of the Act shall be deleted. Your Appellant craves leave to add, to alter OR to amend the aforesaid ground of appeal. 2) 1. (a)The Commissioner of Income Tax (Appeals) 50, Mumbai (CIT(A)) erred in upholding the action of AO in issuing of notice un....
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....re CIRP period, as void and unenforceable. 4) 2. (a) On the facts and circumstance of the case and in law, the CIT(A) erred in confirming an addition made by the AO of Rs.4,50,00,000 on account of consideration received on sale of property which was reflected incorrectly as advances received, by the Appellant company as unexplained cash credits u/s.68 r.w.s 115BBE of the IT Act without considering the facts substantiated by the Appellant during the Re-assessment Proceedings. The appellant submits that the amount represented receipt on account of sale of property and agreed to offer the same under the head Profits and gains from Business and Profession net of cost incurred during the reassessment proceedings. 3. Ld. Counsel for t....
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....on the assessee. 4. Ld. Counsel for the assessee referring to page 138 of the paper book submitted that the NCLT, Mumbai Bench, while granting relief and concessions in sub-clause (d) of the order, clearly clarified that in terms of the judgment of the Hon'ble Supreme Court in the case of Ghanashyam Mishra and Sons (P.) Ltd. v. Edelweiss Asset Reconstruction Co. Ltd., 126 taxmann.com 132 (SC), on the date of approval of the resolution plan by the Adjudicating Authority, such claims which are not part of the resolution plan shall stand extinguished and no person will be entitled to initiate or continue proceedings in respect of a claim which is not part of the resolution plan. 5. Ld. Counsel for the assessee further referred to the....
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.... "(i) That once a resolution plan is duly approved by the Adjudicating Authority under sub section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan; (ii) 2019 amendment to Section 31 of the I&B Code is clarific....