“Section 5(21)”

Section References (mined)Section 5Section 5(21)2 judgments

M/S SEL MANUFACTURING CO. LTD.,LUDHIANA vs. DCIT, CC-3, LUDHIANA

In the result, appeal is allowed

ITA 362/CHANDI/2023[2011-12]Status: DisposedITAT Chandigarh27 May 2024AY 2011-12

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Ashwani Kumar, CAFor Respondent: Smt. Kusum Bansal, CIT DR

Section 148Section 250(6)Section 5(20)Section 5(21)Section 69CSection 7

that any claim or demand assessed/raised/ordered by the Income-tax Department will be in the nature of an Operational Debt as defined under Section 5(21) of the IBC and the Department will be treated as an Operational Creditor as defined under Section 5 ... person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; 8.1 Section 5(21) of the IBC describes ‘Operational Debt’; (21) "operational debt" means a claim in respect of the provision of goods or services including employment

DCIT, CIRCLE- 17(1), NEW DELHI vs. MONNET ISPAT & ENERGY LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

ITA 173/DEL/2018[2013-14]Status: DisposedITAT Delhi16 Aug 2021AY 2013-14

Bench: Shri O.P. Kant & Shri K. Narasimha Charyassessment Year: 2013-14

For Appellant: Ms. Pramita M. Biswas, CIT/DRFor Respondent: Sh. V.K. Jain, C.A

Section 31Section 5(21)Section 53Section 7

those creditors, as per the waterfall mechanism in section 53 of the Code is Nil. 3. Learned AR further submitted that as per section 5(21) of the IBC, the dues to the Central Government also fall within the definition of operational debts and the Income-tax Department also filed