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TMI Blog2024 (2) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... fit of Section 79(2) to carry forward accumulated losses, it shall be open for the Appellant to file an appropriate application before the competent jurisdictional Income Tax Authority to claim the benefit - thus, no error has been committed by the Adjudicating Authority by directing the Successful Resolution Application to approach the concerned statutory authority. In so far as, other reliefs and concessions, the Adjudicating Authority has allowed the application and direction has been issued in Para 13 and 14. In fact, virtually, the application has been allowed by the Adjudicating Authority, hence, there are no reason to entertain this Appeal challenging the second part of the order as contained in Para 14. The directions are only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to carry forward its accumulated losses as per Section 79(2) of the Income Tax Act and its resolution plan has included all these aspects. The Adjudicating Authority had already issued notice to the Income Tax Department and heard. 4. We have considered the submissions of learned counsel for the Appellant and perused the record. 5. In Para 14 of the order, following has been held by the Adjudicating Authority: 14. In view of the above, all unpaid liabilities and claims that are not filed with the RP before the approval of the resolution plan and those which are not included in the said resolution plan would stand extinguished. The unpaid liabilities so extinguished together with extinguished existing share capital would be con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dictional Income Tax Authority to claim the benefit. We are of the view that no error has been committed by the Adjudicating Authority by directing the Successful Resolution Application to approach the concerned statutory authority. 8. In so far as, other reliefs and concessions, the Adjudicating Authority has allowed the application and direction has been issued in Para 13 and 14. In fact, virtually, the application has been allowed by the Adjudicating Authority, hence, we do not see any reason to entertain this Appeal challenging the second part of the order as contained in Para 14. 9. Learned counsel for the Appellant lastly contends that unpaid liabilities have been extinguished together with share capital would be converted to C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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