TMI Blog2021 (6) TMI 117X X X X Extracts X X X X X X X X Extracts X X X X ..... payment on 28.04.2017 whereas the present application has been filed on 04.02.2021, that is after a period of three years when the right to apply accrues in view of Article 137 of the Limitation Act. The present Application stands Dismissed as barred by limitation. - (IB) 95/(ND)/2021 - - - Dated:- 10-3-2021 - Abni Ranjan Kumar Sinha, Member (J) And L.N. Gupta, Member (T) For the Appellant : Rakesh Wadhwa and Itisha Gulati, Advocates ORDER Abni Ranjan Kumar Sinha, Member (J) 1. The present petition has been filed under Section 7 of the Insolvency Bankruptcy Code, 2016, (hereinafter referred to as the Code ) for initiation of Corporate Insolvency Resolution Process of the Corporate Debtor on grounds of its inabil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due to the Financial Creditors. 7. The total amount claimed to be in Default is ₹ 2,03,55,358/-. The disbursement details are as follows: 8. We have heard the Ld. Counsel for the applicant and perused the averments made in the application. 9. Ld. Counsel for the applicant has submitted that the application filed by the applicant is within time because the Corporate Debtor had deducted the TDS, which would be evident from Form 26AS submitted by the applicant at page 44 of the application. 10. He further submitted that the TDS was deducted on 31.03.2019. Therefore, considering that date, the application is within time. 11. He further submitted that apart from that, the debt is reflected in the ledger account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dant is quite clear. The Supreme Court in Commissioner of Income Tax v. Gujarat Fluoro Chemicals (2012) 13 SCC 731 categorically held that both advance tax as well as TDS are based on estimation of income by the assessee. The Bombay High Court as well, in S.P. Brothers v. Biren Ramesh Kadakla (2009) 1 Bom CR 453 has held that the issuance of TDS certificates does not amount to an acknowledgement of defendant within the meaning of Section 25 of the Indian Evidence Act.......The TDS certificate is primarily to acknowledge the deduction of tax at source. 16. In the light of aforesaid decision, we consider the submissions and we are of the considered view that the issuance of TDS certificate does not amount to an acknowledgement of debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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