The assessee filed three appeals against order of CIT(A) for A.Y. 2010-11, 2012-13 and 2013-14. It is important to note that inspite of putting up the case of hearing several times, no one appeared on behalf of the assessee.
A search and seizure operation u/s 132 of the Income-tax Act, 1961 was conducted on 23.07.2015 and subsequent dates in different business and residential premises of Deepak Agarwal, Mukesh Kumar and others, group of cases based at Delhi.
The present appeal is preferred by the revenue challenging quashing of the notice u/s. 148 of the Income Tax Act. Revenue has mainly contested that CIT (A) has quashed the notices on the ground that it is barred by limitation.
ITAT Nagpur held that when a liquidation order has been passed, no suit or other legal proceedings shall be instituted by or against the corporate debtor. Thus, IBC Code will override anything inconsistent contained in any other enactment, including Income Tax Act.
CIT(A) confirmed the addition to the extent of Rs.1.42 crores and remaining addition of Rs.3.35 crores, which was closing balance of loans were deleted. Further aggrieved, the revenue has filed present appeal before the Tribunal.
During the course of assessment proceedings, AO noticed that there was cash deposit of Rs. 36,48,000/- and credit entries of Rs. 21,93,269/-. AO observed that inspite of repeated reminders, assessee failed to submit the reply.
Present appeal has been filed by the appellant mainly contesting that whether the Tribunal was right in holding that there has been no diversion of income by overriding charge in respect of amount transferred to Statutory Reserve Fund in compliance with the mandatory provisions of Sec.45IC read with Sec. 45Q of RBI Act.
In Sanjay Gandhi Memorial Trust v. Commissioner of Income Tax (Exemption), the Court concluded that, while the faceless system centralizes case handling through the NFAC, this framework does not completely replace or nullify the JAO‘s role.
The Appellant had filed appeal seeking direction against the Secretary, Ministry of Coal-Respondent No.1 and Coal Controller-Respondent No.2 not to withdraw the mine opening permission in respect of Marki Mangle – I Coal Block.
M/s Concord Infrastructure Pvt. Ltd. (Operational Creditor) filed an application u/s. 9 of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority against M/s Shubhkamna Buildtech Pvt. Ltd. (Corporate Debtor) which was admitted on 26.11.2018.
