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2023 (3) TMI 42 - AT - Income TaxAssessment against assessee company as undergoing Corporate Insolvency Resolution Process (CRIP) - HELD THAT:- Assessee company is going through the resolution process before the Hon’ble NCLT for which the Resolution Personnel (RP) was appointed in order to manage the FS of the company - AR submitted that a resolution plan dated 21.09.20220 was submitted by the ‘Jalan Fritsch’ consortium which was amended on several occasion and was passed by a majority votes and was approved by Hon’ble NCLT. It is observed that the assessee has failed to make compliance with the notices issued by the lower authorities inspite of several opportunities. Considering the nature of the addition, we are of the considered view that the assessee may be given one last opportunity to present its case before the A.O. As also evident that the considerable amount of time and revenue has been spent by Exchequer in carrying out the assessment proceedings followed the appellate proceedings. The assessee is directed to pay a cost of Rs.25,000/- each in both these appeals for being delinquent before the lower authorities and the same is to be paid towards Prime Minister’s Relief Fund within 30 days from the date of this order. The assessee is also directed to appeal and fully co-operate with the A.O. to present its case without any further delay.
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