CIT-7 Vs Pancard Clubs Limited (Supreme Court of India)
The Supreme Court dismissed the Civil Appeals and Special Leave Petitions filed by the Revenue after noting that, for the assessment years involved, the Department had not lodged any claim during the Corporate Insolvency Resolution Process (CIRP) concerning the assessee. It was brought to the Court’s attention that the resolution plan had already been approved on 25 April 2024 and was under implementation. Taking note of this factual position, the Court followed its earlier decision in Ghanashyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited [(2021) 9 SCC 659]. In view of the settled legal position and the absence of any claim by the Department in the CIRP proceedings, the Supreme Court dismissed the Revenue’s appeals and special leave petitions. All pending applications were also disposed of accordingly.
FULL TEXT OF THE SUPREME COURT JUDGMENT/ORDER
It is stated at the bar that in respect of the assessment years in question, there has been no claim made by the appellant-Department in the Corporate Insolvency Resolution Process (CIRP) proceedings, wherein the plan has been approved on 25.04.2024 and is being implemented. In the circumstances, appropriate orders may be made in these appeals.
