SWATI HEALTH AND EDUCATION SERVICES P.LTD,DELHI vs. DCIT, NOIDA

The assessee has raised the following grounds of appeal:

On the facts and circumstances of the case and in law, the addition of Rs. 69,50,000/- made by assessing officer on account of share application money is beyond the scope/jurisdiction of the provisions of section 153A of the Income Tax Act, 1961 and CIT(A) erred in not holding so.

On the facts and circumstances of the case and in law, the addition of Rs. 4,72,55,180/- made by assessing officer on account of addition of loans is beyond the

On the facts and circumstances of the case and in law, the addition of Rs. 1.43.22.500/- made by assessing officer on account of sundry creditors is beyond the scope/jurisdiction of the provisions of section 153A of the Income Tax Act, 1961 and CIT(A) erred in not holding so.

On the facts and circumstances of the case and in law, the assessment order passes by the assessing officer is contrary to provisions of sections 153D of the Income Tax Act, 1961 and CIT(A) erred in not holding so.” 3. The assessee filed return of income on 30.09.2009 declaring total income of Rs. NIL. A search & seizure operation u/s 132 of the Income Tax Act, 1961 was conducted on 11.11.2014 on the premises of the assessee comprising Tirupati-Sunworld Group of Companies (TSGC). The assessee company is engaged in the business of pharmaceutical manufacturing, formulation in tablets, capsules, oral powder, oral liquids, manufacturing of cylinders. The Assessing Officer completed the assessment by making an addition of Rs.6,85,27,680/-.

The matter has reached the NCLT, Principal Bench, New Delhi in IB-1035(PB)/2020 wherein the Tribunal has admitted the application in terms of Section 7 of Insolvency and Bankruptcy (IBC), 2016 moratorium as envisaged under the provisions of Section 14(1) of IBC. Hence, the present appeal is liable to be dismissed as infructuous.