TMI Blog2021 (7) TMI 1342X X X X Extracts X X X X X X X X Extracts X X X X ..... ely and completing the assessments for the period prior to the transfer date and whether such an Act of the respondent is in breach of violation of the order passed by the National Company Appellate Tribunal approving the Resolution Plan - initiation of penalty proceedings under Section 271 (1) (C) for the periods prior to the Transfer Date - HELD THAT:- As for proper adjudication of the issues involved in this Writ Petition, elaborate hearing upon affidavits is required. Petitioners have prima facie been able to make out a case for the interim order. Let there be an interim order restraining the respondent Income Tax Authorities from taking any step or further steps or acting in any manner contrary or inconsistent with the approved Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further aggrieved against the demand, inter alia, stating that the refund of Rs. 1,43,46,686/- and Rs. 67,69,380/- processed by the respondents in favour of the petitioner shall be adjusted against the outstanding demand existed from Assessment Year 2007-2008 till 2015-2016. Facts involved in brief in this case are as follows: (i) A petition was filed by Bank Of Baroda under Section 7 of Insolvency Bankruptcy Code, 2016 against Binani Cement Limited before the Hon ble National Company Law Tribunal, Kolkata Bench which was admitted on 25th July, 2017 and Public Announcement was made by IRP in Form A as per Section 15 of the Insolvency and Bankruptcy Code, 2016 and claims were invited on 28th July, 2017. (ii) A Resolution Plan submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an and Provisions of the Code where approved Resolution Plan clearly states that no amount shall be payable for any liability of the Corporate Debtor towards tax, fee, interest or penalty. The petitioner has also challenged initiation of penalty proceedings under Section 271 (1) (C) of the Income Tax Act, 1961 for the Assessment Year 2012-13 and 2016-17 for the periods prior to the Transfer Date. Petitioners in support of his contention apart from facts various provisions of law, have relied on a decision of the Hon ble Supreme Court in the case of Ghanashyam Mishra Sons Pvt. Ltd. vs- Edelweiss Asset Reconstruction Company Limited Passed in Civil Appeal No. 8129 of 2019 judgment of the Hon ble Supreme Court dated 13th April, 2021 repo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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