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TMI Blog2020 (9) TMI 469X X X X Extracts X X X X X X X X Extracts X X X X ..... rtment before taking any action under Section 248(5) of the Act and was not able to make any provision for payment or discharge of its liabilities and obligations. It is also pertinent to mention that the respondent No.2-company has filed Form STK-2 as prescribed under Section 248(2) of the Act and Rule 4(1) of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. Copy of Form STK-2 is found attached with the petition as Annexure A-4. It is observed that the name of Respondent No.2-company was struck off pursuant to filing of Form STK-2 before respondent No.1-ROC. It is also contended by the petitioner that after the search and seizure operation was conducted and opportunity was given by the Assistant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the Act ) seeking restoration of the name of M/s Eagle Eye Stocks and Shares Pvt. Ltd., respondent No.2, (hereinafter referred to as respondentcompany ). The CIN of the respondent-company is U65991PB2007PTC031228. As per the master data of the respondentcompany, as at Annexure A-3, the company was incorporated on 22.06.2007. The registered address of the respondent-company is at 678, Urban Estate, Jalandhar PB 144001, in the State of Punjab and therefore, the matter lies within the territorial jurisdiction of this Tribunal. 2. The petition is accompanied by the affidavit which is signed and verified by Shri Dinesh Kumar Gupta, Deputy Commissioner of Income Tax, Central Circle-I, Aaytan Tower, Civil Lines, Jalandhar and the same is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arch and seizure operation under Section 132(1) of the Income Tax Act, 1961, was carried out at the registered address of the respondent No.2-company. Copy of the warrant of authorization for search under the Income Tax Act, 1961, is appended with the petition as Annexure A-7. It is further submitted that pursuant to such search and seizure operation, proceedings under Section 152A of the Income Tax Act, are yet to be initiated for the assessment years 2012-13 2017-18 and also under Section 142(1) of the Income Tax Act, for the assessment year 2018-19. 7. It is submitted that only while contemplating the proceedings under Section 153A of the Act, the Assessing Officer came to know the fact of struck off status of respondent No.2-comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le all the statutory documents along with the requisite as well as additional fee as prescribed in the Rules. 12. During the course of hearing, learned counsel appearing for respondent Nos. 2 to 4 submitted that the respondents have no objection if the company petition is allowed. 13. We have heard the learned counsel for the petitioner-Income Tax Department and the learned counsel for respondent Nos. 2 to 4 and have also perused the record. 14. The relevant Section 252(1) of the Act is as follows:- (1) Any person aggrieved by an order of the Registrar, notifying a company as dissolved under section 248, may file an appeal to the Tribunal within a period of three years from the date of the order of the Registrar and if the Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of respondent No.2-company and has filed this appeal accordingly. 17. The learned counsel for the Income Tax Department also laid emphasis on the provision of Section 248(6) of the Act and contended that the procedure prescribed under the provisions was not followed. Section 248(6) of the Act reads as under:- (6) The Registrar, before passing an order under sub-section (5), shall satisfy himself that sufficient provision has been made for the realisation of all amount due to the company and for the payment or discharge of its liabilities and obligations by the company within a reasonable time and, if necessary, obtain necessary undertakings from the managing director, director or other persons in charge of the management of the comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner that after the search and seizure operation was conducted and opportunity was given by the Assistant Director of Income Tax (Investigation) to respondent No.2 to produce the books of accounts/bills/vouchers etc., which were not declared in Schedule BA in the return of income filed and non-disclosure of account in the return of income, the source of credits in bank account remained unexplained and taxable under Section 69 and 69A of the Income Tax Act, 1961, but no explanation was given by the respondent No.2. It is also observed that allowing this petition would only enable the petitioner to conduct further proceedings under the Income Tax Act. Therefore, this petition deserves to be allowed. 20. It is therefore, held tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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