Both revenue & assessee bound by the resolution plan accepted by NCLT

ACIT Vs Panyam Cements & Mineral Industries Ltd (ITAT Hyderabad)

Held that the Revenue is bound by the resolution plan as accepted by the NCLT and not entitled to anything more than what is provided therein.

Facts-

The assessee filed its ROI declaring a loss of Rs.33,19,28,249/-, STCG of Rs.3,48,886/- and LTCG of Rs.20,71,49,940/-. Finally, the assessee admitted net business loss of Rs. 12,44,29,420/-. The return was processed u/s 143(1). Subsequently, AO re-opened the assessment u/s 147 on the ground that income chargeable to tax in the form of LTCG has escaped assessment. AO completed the assessment determining the total income of the assessee at Rs.74,58,05,465/-, wherein he determined the LTCG at Rs.107,69,25,428/-. CIT(A) deleted the additions. Being aggrieved, the revenue preferred the present appeal.

Conclusion-

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