S KUMARS NATIONWIDE LTD.,MUMBAI vs. DY CIT CIRCLE-4(3)(2), MUMBAI

At the time of hearing, none appeared on behalf of the assessee and the Ld. DR brought to our notice letter filed by the assessee dated 20.08.2021 filed on 01.09.2021 for withdrawal of the appeal. In the above letter, it is submitted that National Company Law Tribunal (NCLT), Mumbai had admitted the petition filed by the IDBI Bank and subsequently, NCLT, Mumbai Bench passed an order appointing Mr. Devendra Prasad as a Resolution Professional for the company. In the absence of viable and acceptable Resolution Plan for the Company, the NCLT has passed an order dated 19.06.2019 for liquidation of the company and Shri Om Prakash Agrawal was appointed as the Liquidator of the Corporate Debtor/Company. Various stake holders filed claim including Income Tax Department and the liquidator filed an application with NCLT for acceptance of delayed claim. The NCLT, Mumbai Bench vide its order dated 02.07.2021 has condoned the delay of various stake holders and allowed liquidator to accept the claim including the Income Tax claim. It is submitted by the liquidator that he has verified the claim of ₹537.89 crores by excluding claim of ₹3,02,120/- for assessment year 2015-16 which was wrongly claimed by the Department being the TDS refund claimed by the assessee. In view of the above submission, the liquidator submitted that he would like to withdraw the appeals filed by the assessee.

After considering the above request for withdrawal of the appeal by the official liquidator and also Departmental Representative has no objection to the above proposal, we deem it fit and appropriate to allow the withdrawal of the above appeal filed by the assessee by brining letter filed by the liquidator on record.