9911796707
TMI Blog2020 (10) TMI 447X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 was inserted in the Code. Provisions of this Section 238 override other laws as decided by the Hon'ble Supreme Court in Duncans Industries Ltd. v. A J. Agrochem, [ 2019 (10) TMI 301 - SUPREME COURT ]. The present application has been preferred by the Applicant to seek permission from this Adjudicating Authority to carry out the assessment proceedings under Section 153A read with 281B of the Income Tax Act. Considering the necessity of the assessment of tax, the prayer of the Applicant is accepted to the extent of only doing assessment for the AY 2013-14 to 2019-20. The Income Tax Department may file their claim, if any, as an Operational Creditor with the Resolution Professional of the Corporate Debtor in time - Application disposed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 153A is not concluded within the said statutory time limit, the entire proceedings shall lapse. It is further stated by the Applicant that they have unearthed major discrepancies against the Corporate Debtor which has led the Applicant to assess the Corporate Debtor under the Income Tax Act. 4. It is further stated that since resolution professional has been appointed in the matter and a moratorium has been declared under section 14 of the Code, the Applicant is constrained to prefer this application before this Bench to seek permission to continue with the assessment proceedings under section 153A of the Act. 5. It is submitted that a search was conducted on 10.04.2018 under section 132 of the Income Tax Act at the business premises o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the search operations against the Corporate Debtor, the Income Tax Department has found many discrepancies in the accounts of the Corporate Debtor which may lead to huge tax demand on the Corporate Debtor, in case assessment proceedings for the A.Y. 2013-14 to 2019-20 of the Corporate Debtor are carried out, otherwise there will be grave injustice to the interests of the Applicant as well as the Government Exchequer. 7.2 This Adjudicating Authority has also observed that CIRP proceedings have already been commenced against the Corporate Debtor vide order dated 24.08.2018 of this Adjudicating Authority and moratorium has been imposed under Section 14 of the Code. 8. Judgment: 8.1 This Adjudicating Authority is of the considered view th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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