TMI Blog2022 (3) TMI 1287X X X X Extracts X X X X X X X X Extracts X X X X ..... er of Apex Court in Civil Appeal[ 2020 (7) TMI 760 - SC ORDER] makes it clear that the respondent company Moser Baer India Ltd. is not financially viable and is in liquidation before NCLT. The order also makes it clear that even if the Revenue were to succeed, the Official Liquidator would not be in a position to pay the tax amount involved in these appeals. Thus, even if the appellant-department succeeds in the present appeal, there would be no fructifying effect as the respondent company, which is under liquidation, would not be able to discharge its debts and tax liability through the liquidator. The courts are already overburdened. Thus, while dealing with such matters, it has to be seen whether keeping such matters alive would serv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer (TPO), as the Assessee had undertaken international transactions with its Associated Enterprises (AEs). A final Assessment Order under Section 143(3) of the Income Tax Act, 1961 was passed by the Assessing Officer. Assessing Officer enhanced book profit by ₹ 4,66,60,747/- towards profit under Section 10A of the Income Tax Act, 1961 by way of exclusion of receipt and expenses of the unit. The assessing officer also made disallowances of indexation benefit of ₹ 94,279/- against long term capital gain of ₹ 1,01,779/- on the sale of shares. Aggrieved by this, the Assessee filed an appeal before the CIT(A). CIT (A) allowed the appeal of the assessee by holding that the proviso to Section 73A of the Act is not applicab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he respondent-Company has gone in liquidation. The company in liquidation is not in a position to pay its outstanding dues including taxes. Moreover, the tax effect in the concerned appeals is just over ₹ 2,00,00,000/- (Rupees Two Crore Only). Taking overall view of the matter, we deem it appropriate to dispose of these appeals, leaving the question of law open to be decided in appropriate case. Ordered accordingly. Pending applications, if any, stand disposed of. 6. Learned counsel for the Revenue was directed to obtain instruction as to whether the Revenue would like to pursue the appeals filed by it. 7. Mr.Sunil Agarwal, counsel for the Revenue has filed a letter received by him which is reproduced hereinbel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there may be situation, that , in case the assessee gets a favourable order, he may be entitled for a refund. 4.2 While the department would like to pursue the appeals, however in case the Court is inclined to dispose off the appeals in the spirit of decision of Hon ble SC wherein the matter was not considered on merits but on ground of assessment being before NCLT, it would be equitable that the Hon ble Court also gives directions that the refunds, if any, shall also not be admissible. Yours faithfully, (Kanika Hasija) Deputy Commissioner of Income-tax, Central Circle-20, New Delhi. 8. We have considered the submissions of learned counsel for the parties. A perusal of the aforesaid order of Apex Court in Ci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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