TMI Blog2017 (8) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... nchayats Act, 1959, without the consent of the Board. The fact that the impugned demand notices seek to coercively recover the petitioner's pending dues directly from the petitioner's bank account is not possible to be disputed. The fact that no consent of the BIFR was obtained by the department when they carried out such steps is not in dispute. That being the position, we cannot upheld the action of the department. If at all the department would have to move the BIFR for appropriate order or reliefs, either permitting recovery or taking into account the dues of the department at the time of preparation of the scheme in case of the petitioner company. Our findings and observations are based on the premise that the proceedings before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase is even now pending before BIFR. 4. According to the petitioner, for the assessment year 2010-11, an order of assessment was passed on 15.03.2013 assessing petitioner's loss of ₹ 51.79 crores (rounded off). The petitioner has challenged such order before the Appellate Commissioner and the appeal is pending. 5. For the assessment year 2011-12, the Assessing Officer had assessed the petitioner's income at ₹ 165.28 crores (rounded off) based on which, demand notice for an amount of ₹ 25.16 crores (rounded off) was raised on 28.03.2014. Against such order of assessment also, petitioner has filed appeal which is pending. Likewise, for the assessment year 2010-11, the Assessing Officer reassessed the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtains to suspension of legal proceedings and contracts etc. Subsection (1) thereof reads as under: 22(1). Where in respect of an industrial company, an inquiry under section 16 is pending or any scheme referred to under section 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then, notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said Act or other law, no proceedings for the winding up of the industrial company or for execution, distress or the like against ..... X X X X Extracts X X X X X X X X Extracts X X X X
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