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TMI Blog2021 (11) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... i Sunil Kumar Sharma in the capacity of Executive Vice Chairman of the appellant's company. The moment IRP is appointed, the board of the company is super-ceded. Therefore, these three appeals filed by the Executive Vice Chairman are not maintainable. In view of this, we dismiss all the appeals filed by the assessee company with a liberty that as soon as the committee of creditors is being decided to pursue these matters then the IRP should file these appeals. If it is so decided, then we give liberty to the IRP either to make an application for recall of this common order by filing corrected Form No. 36 or to file the fresh appeals with the condonation of delay request. Accordingly, all the three appeals filed are dismissed. - ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /expense u/s. 28/37 of the I.T. Act. The disallowance as made and as sustained by the Ld. CIT(A) is liable to be deleted in toto. DISALLOWANCE OF PRIOR PERIOD EXPENSES: 4. That the learned CIT (Appeals) erred in upholding the disallowance of prior period expenses of ₹ 69,72,728/-, without considering/appreciating that these expenses though pertaining to the preceding year the liability to pay the same crystallized in the current year and hence, these were allowable in the present year as per the mercantile system of accounting regularly followed by the appellant company. The provision of Section 35D, are not at all applicable in this case. The disallowance is liable to be deleted. DISALLOWAQNCE OF DEPRECIATION ON CERTAI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n tranches at a total premium of ₹ 317 Cr. and not by issue of any preference share capital. (ii) The pro rata redemption-premium for the assessment year worked out to ₹ 16,92,59,920/- which was claimed as deduction in computing the total income and liable to be allowed as such as per the apex court decision in Madras Industrial Investment Corporation Ltd. v. CIT 225 ITR 802 (S.C.) which is squarely applicable in the case of the appellant. (iii) The redemption-premium referable to the subsequent years has been allowed by the assessing officer himself in those years without any disallowance. (iv) That the disallowance of the aforesaid Debenture Redemption premium is contrary to the facts and law and is based on ign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... haring of expenditure was a written term of the Red Herring Prospectus and was approved by the Boards of the two companies. It was also duly notified to the shareholders, the public and the SEBI. 5. The disallowance of expenditure is contrary to facts and law. The expenditure incurred was wholly and exclusively in connection with such sale and liable to be deducted from the full value of consideration accruing as a result of the transfer of capital asset under the provisions of Section 48 of the I.T. Act for computing capital gain. ADDITION OF SHORT TERM CAPITAL GAIN ON ALLEGED TRANSFER OF LAND AS PART OF SLUMP SALE OF UNDERTAKING 6. That on facts and law, the Ld. CIT (Appeals) erred in directing an addition of ₹ 4,62,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on the facts and law relating to the issue. There was no issue of commencement of business as the assessee is in the business of manufacturing and sale of cement for many years. 11. That the order of the Ld. CIT(A) is against the law and facts of the case involved. 12. That the Grounds of Appeal as herein are without prejudice to each other. 13. That the appellant craves leave to add, alter or forego any ground before or at the time of hearing. 4. In ITA. No. 3878/Del/2018 the assessee has raised the following grounds of appeal:- DISALLOWAQNCE OF DEPRECIATION ON CERTAIN ASSETS ₹ 1,57,84,267/- 1. That the Ld. CIT(A) has erred on facts and in law in not deciding the issue of depreciation allowable on cert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nil Kumar Sharma in the capacity of Executive Vice Chairman of the appellant's company. The moment IRP is appointed, the board of the company is super-ceded. Therefore, these three appeals filed by the Executive Vice Chairman are not maintainable. In view of this, we dismiss all the appeals filed by the assessee company with a liberty that as soon as the committee of creditors is being decided to pursue these matters then the IRP should file these appeals. If it is so decided, then we give liberty to the IRP either to make an application for recall of this common order by filing corrected Form No. 36 or to file the fresh appeals with the condonation of delay request. Accordingly, all the three appeals filed are dismissed. Order prono ..... X X X X Extracts X X X X X X X X Extracts X X X X
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