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2019 (12) TMI 1439 - Tri - Companies LawSeeking restoration of name of Company in the Register of Companies - section 252(3) of Companies Act - Appellant contends that in order to have a valid assessment order for recovery of the taxes from the Respondent Company and for any further consequential proceedings against the company under the I.T. Act, there is a need of restoration of the Company, namely, M/s. HSI Infotech Pvt. Ltd. in the Register of Companies - HELD THAT - The Income-tax Department is an aggrieved party within the meaning of Section 252(1) read with 252(3) as it has to recover taxes and duties payable by Respondent Company and great prejudice will be caused to its revenues, if the name of the Company is not restored back - It is just and equitable to allow restoration of the name of the company, the Appeal is allowed. The Registrar of Companies, is directed to restore the name of M/s. HSI Infotech Pvt. Ltd. in its Register, as if the name of the Company had not been struck off in accordance with section 248(1) of the Companies Act, 2013 - application allowed.
Issues:
Appeal against striking off a company from the Register of Companies due to alleged violations of the Income Tax Act. Analysis: The appeal was filed by the Assistant Commissioner of Income Tax against the striking off of a Private Limited Company from the Register of Companies. The company in question was alleged to have been involved in money laundering activities, as per information received from various sources. It was stated that the company had received significant funds from entities controlled by individuals involved in providing bogus accommodation entries. Additionally, the company was accused of not filing its Income-tax Returns for the relevant assessment year, leading to a violation of section 139 of the IT Act. The Appellant had initiated proceedings against the company by issuing notices under different sections of the Income Tax Act, including reopening the case for assessing undisclosed transactions. The Appellant highlighted the pending assessment proceedings, which were at risk of being time-barred if not completed within the stipulated time frame. Furthermore, it was argued that a valid assessment order was necessary for the recovery of taxes and for any subsequent actions under the IT Act. Upon scrutiny of the Master Data on the MCA website, it was discovered that the company had been struck off by the RoC. The Appellant contended that the restoration of the company's name in the Register of Companies was essential for the proper assessment and recovery of taxes. The RoC, during the final hearing, expressed no objection to the restoration of the company's name. Considering the implications on tax recovery and the potential prejudice to revenue, the Tribunal allowed the appeal and directed the Registrar of Companies to restore the name of the company in the Register as if it had not been struck off. The RoC was also instructed to take any necessary penal actions against the respondents for defaults, as per statutory provisions. The appeal was disposed of accordingly, with orders for supplying copies of the judgment to the concerned parties.
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