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TMI Blog2025 (1) TMI 1492X X X X Extracts X X X X X X X X Extracts X X X X ..... r to the decision of Ghanshyam Manz Retails Pvt. Ltd. Mishra and Sons Pvt. Ltd. Vs. Edelweiss Asset Reconstruction Co. Ltd. [2021 (4) TMI 613 - SUPREME COURT] wherein as considered a situation wherein, the resolution plan was approved by the adjudicating authority under Section 31(1) of the IBC Code - once the resolution plan was drawn, the claim as provided in the resolution plan stood frozen, and will be binding on the corporate debtor, its employee, its members, creditors, Central Government and any State Government or legal authority, guarantor and other stakeholders. We also note that in the present facts of the case, the resolution plan is yet to be finalized. When, we read the newly inserted provisions of Section 156A of the Act, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which were made from internal accruals and equity available with the appellant. 1.2 That the CIT(A) has erred on facts and in law in holding that the appellant has failed to correlate the financial burden for making such investment, without appreciating that no expenditure was incurred in earning of exempt dividend income. 1.3 That the CIT(A) erred on facts and in law in not appreciating that under section 14A of the Act only expenses having direct/ proximate nexus with earning of the dividend income could be disallowed. 1.4 That the CIT(A) erred on facts and in law in not appreciating that the dividend income earned from investments in mutual funds was received after deducting fund management charges. 1.5 That the CIT(A) erred on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to earning of exempt income at Rs. 4,43,46,901, albeit restricting it to Rs. 2,33,95,428, by applying rule 8D of the Rules against the correct amount of Rs. 97,74,261. The appellant craves leave to add to, alter, amend or vary from the above grounds of appeal before or at the time of hearing. 3. Aggrieved with the order of ld. Assessing officer, the assessee company filed the appeal before the Ld. CIT(A), who vide his order dated 20.02.2017 partly allowed the appeal against which the assessee company is in further appeal before the Tribunal. 4. None appeared on behalf of the assessee. The bench decided to proceed the matter with the assistance of the learned Departmental Representative. 5. Learned Departmental Representative for the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs, creditors, Central Government and any State Government or legal authority, guarantor and other stakeholders. We also note that in the present facts of the case, the resolution plan is yet to be finalized. When, we read the newly inserted provisions of Section 156A of the Act, it is necessary to remand the appeal to the Ld. AO to take necessary steps/action as per Rules. 6. Hence, in the above circumstances, we deem it fit and proper to remand this appeal back to the file of Ld. Assessing Officer to take necessary steps as per Section 156A of the Act. Accordingly, we allowed the appeal filed by the assessee. 8. In the result, the appeal of the assessee is allowed for statistical purpose. Order pronounced in the open court on 29.01.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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