Sysco Industries Limited. Vs Chairman, CBDT (Gujarat High Court)
Summary: The Gujarat High Court in Sysco Industries Limited v. Chairman, CBDT addressed a petition challenging the order dated 20 November 2023 passed under Section 119(2)(b) of the Income Tax Act, 1961, wherein the Central Board of Direct Taxes (CBDT) rejected Sysco Industries Limited’s application seeking condonation of delay in filing income tax returns for Assessment Years (AY) 2020–21 and 2021–22 and permission to carry forward business losses and unabsorbed depreciation.
The petitioner, Sysco Industries Limited, a public limited company engaged in the manufacture of packaging materials, filed its income tax returns for AY 2019–20 and AY 2020–21 on 26 October 2019, claiming carry forward of substantial business losses and unabsorbed depreciation. However, for AY 2020–21, it failed to file its return on time due to multiple unforeseen disruptions. The company suffered a fire incident at its manufacturing facility, resulting in financial distress. Subsequently, an operational creditor, Excel Tubes and Cones Limited, initiated insolvency proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), before the National Company Law Tribunal (NCLT), Ahmedabad. The petition was admitted on 19 February 2020, and the management of the company vested with an Interim Resolution Professional (IRP).
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