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TMI Blog2021 (10) TMI 386X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, the appellant company has failed to produce any document to show that the appellant company had revenue from operation or carrying on business at the time when the name of the company was struck off by the Registrar of Companies or even prior to that. The action taken by the RoC under Section 560(5) of the Companies Act, 1956, to wind up the company is upheld - the name of the company could not be restored - appeal dismissed. - Appeal No. 3/252/ND/2021 - - - Dated:- 24-9-2021 - Abni Ranjan Kumar Sinha, Member (J) And Kapal Kumar Vohra, Member (T) For Income Tax Department : Kunal Sharma, Zehra Khan, Standing Counsels and Shreya Choudhary, Advocate ORDER Abni Ranjan Kumar Sinha, Member (J) 1. This Appeal has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arrying out the statutory compliances but submit that the same was unintentional and due to lack of professional support and guidance and that their legal heir/successors were unaware about the existence of the Company and hence could not comply with the legal requirements as and when falling due. The Appellant is ready to submit its Financial Statements and Annual Returns before the respondent. 4. The Appellant submits that the applicants herein got aware of the Company incorporated after receipts of two notices from the Rajasthan State Industrial Development Investment Corporation Ltd. (RIICO), a Rajasthan Government Undertaking for deposit of dues in respect of Plot No. G-576 area 1000 sqm. Industrial Area, Bhiwadi, being given on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ual Returns and Balance Sheet submitted by the Appellant Company to the Respondent. Moreover, no subsequent documents had been filed by company to obtain the status of a Dormant Company under Section 560 of the Companies Act, 1956. Therefore, the name of the company was considered for striking off from Register of Companies. Further, it has been found in the enclosed Financial Statements that there was 'Zero' revenue from operations in all financial year, which fails to support the claim of the Company that it was carrying on any business. 8. That vide order dated 11.03.2021, the last opportunity was given to the IT Dept to file the report but till 11.08.2021, no report had been filed. Therefore, the right to file report was cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uck off company within the permissible time limit to take care of situations where it would be just and fair to restore company in the interest of company and other stakeholders. Such instances can be innumerable. However, this term or otherwise cannot be interpreted in a manner that makes room for arbitrary exercise of power by the Tribunal when there is specific finding that the Company has not been in operation or has not been carrying on business in consonance with the objects of the Company.... 12. The said order is also confirmed by the Hon'ble Supreme Court in the matter of Alliance Commodities Pvt. Ltd. Vs. Office of Registrar of Companies - WB (CA No. 7258 of 2019) vide order dated 23.09.2019. 13. In view of the above ..... X X X X Extracts X X X X X X X X Extracts X X X X
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