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आदेश/Order PER BENCH:
These four appeals by the Assessee are arising out of the order of ld. Commissioner of Income Tax(A)-5, Ludhiana in appeal Nos. 282/IT/CIT(A)-5/Ldh/2018-19 dated 4.10.2019, 283/IT/CIT(A)- 5/Ldh/2018-19, 284/IT/CIT(A)-5/Ldh/2018-19 and 285/IT/CIT(A)-5/Ldh/2018-19 each dated 12.09.2019 and 286/IT/CIT(A)-5/Ldh/2018-19 dated 26.9.2019. Assessments were framed by Asstt. Commissioner of Income Tax, Central Circle-2, Ludhiana under section 143(3) r.w.s. 254 of the Income
1524 to 1527-Chd-2019 – M/s Puneet Fashions (P) Ltd., Ludhiana 2 Tax Act, 1961 (hereinafter referred to as 'the Act') vide his different orders of even dated 31.12.2018.
At the outset, the ld. Counsel for the Assessee filed a copy of 2. Liquidation Order of the Hon'ble High Court dated 24.5.2022. The relevant order has liquidated and dissolve the company. The relevant order reads as under: - “CA-86-2022 Allowed as prayed for. CA-90-2022 On 18.04.2022, the following order was passed by this Court:-
"This is an application filed by the Official Liquidator under Section 481 of the Companies Act, 1956 to permit him to publish notice of dissolution of Company namely M/s Puneet Fashions Pvt. Ltd. ( in liquidation ). It has been stated that the Company in liquidation does not have any realizable assets nor the funds are available in the Company.
It has further been pointed out that no litigation is pending against the Company (in liquidation). It has further been pointed out that the ultimate dissolution order, if any passed, should not be a hindrance in the recovery proceedings filed by the Allahabad Bank against the former management of the Company under Securitization and Reconstruction of Financial Assets and Enforcement of 1524 to 1527-Chd-2019 – M/s Puneet Fashions (P) Ltd., Ludhiana 3 Security Interest Act, 2002, as the assets are in the name of former Directors.
Needless to observe that the order of dissolution of the Company shall not be hindrance in the recovery proceedings filed by the Allahabad Bank against the former Directors.
Keeping in view the aforesaid facts, the Official Liquidator is permitted to publish a joint dissolution notice in the newspapers (as prayed for) in respect of companies i.e. M/s Puneet Fashions Pvt. Ltd. (CA - 90 2022 ), M/s Rajan Trading Pvt. Ltd. (CA - 89-2022 ), M/s Punjab Bio Medical Equipments Ltd. (CA - 46-2022 ) and M/s Shakti Teletronics Pvt. Ltd.(CA-91-2022). The publication expenses be incurred proportionately from the funds available in the account of the said companies.”
The Official Liquidator has submitted the compliance report disclosing that the publication, as required, has been made. He submits that no objections to the proposed dissolution have been received.
In view thereof, the Company (in liquidation) is ordered to be dissolved.
It has been brought to the notice of the Court that the proceedings against the Company (in liquidation), former Directors as well as the guarantors and promoters are pending before the Debt Recovery Tribunal. This order of dissolution shall not have any effect on the proceedings pending before the Debt Recovery Tribunal against the former Directors as well as the promoters/guarantors.
1524 to 1527-Chd-2019 – M/s Puneet Fashions (P) Ltd., Ludhiana 4 3. When this was confronted to ld. CIT-DR, she could not controvert the fact situation rather, she stated that once the Company is dissolved, no further action can be taken against the present Assessee.
After hearing both the sides and going through the facts of the case, we are of the view that once Liquidation Order dissolving the company has been passed by the Liquidator, we are of the view that these appeals will not survive and are dismissed as infructuous. Hence, these are dismissed as infructuous.
In the result, all the appeals of the Assessee are dismissed as ‘infructuous’. Order pronounced on 02. 01.2025