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2022 (5) TMI 620 - AT - Income TaxAddition of sundry balances written off towards excise duty and others - acquisition of control by the Resolution Applicant over the company pursuant to the duly approved resolution plan by Hon’ble NCLT, Kolkata - HELD THAT:- From the perusal of the order of NCLT, Kolkata dated 11.10.2018 in the assessee’s own case being a Corporate Debtor under the Code, we note that the assessee company was in default with Banks and was taken before NCLT under the Code. After deliberation, resolution plan of the resolution applicant was approved by the CoC and the same was duly proved by the NCLT, Kolkata Bench on 11.10.2018. Unhesitatingly, in our mind, we are convinced by the appraisal of the Ld. AR about subsequent developments in the case of the assessee under the Code before the NCLT, Kolkata and find that the issue discussed is no longer res integra. In the present set of facts where the impugned year i.e. AY 2013-14 relevant to financial year 2012-13 relates to a period prior to the date of order of NCLT, Kolkata which is dated 11.10.2018, we are inclined to restore the present matter to the file of Ld. AO for taking necessary action in accordance with the law, which on the same issue was similarly dealt by the Co-ordinate bench of ITAT Kolkata [2021 (10) TMI 1255 - ITAT KOLKATA] keeping in view the legal position emanating from the judicial pronouncements of Hon’ble Supreme Court referred [2018 (8) TMI 1775 - SC ORDER] under the similar set of facts and law. Accordingly, appeal of the assessee is allowed for statistical purpose.
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