Refund TDS to Corporate Debtor Undergoing Liquidation: NCLT

Divyesh Desai (Liquidator for Precision Fasteners Limited) VS DCIT  Circle (NCLT Mumbai) Introduction: In the recent case of Divyesh Desai, the Liquidator for Precision Fasteners Limited, against DCIT Circle (NCLT Mumbai), an application was filed seeking a refund of TDS amounting to Rs. 93,81,464. The Liquidator argued for the Assessing Officer/Income-tax Department to remit the said amount to the Corporate Debtor Company. Detailed Analysis: The NCLT Mumbai bench, after considering the submissions from the Liquidator and reviewing the presented material, found merit in the application. Despi...