JCIT, CIRCLE-22(2), NEW DELHI vs. S R FOILS & TISSUE P. LTD., NEW DELHI
In the result, the appeal of the Revenue is dismissed
ITA 540/DEL/2019[2011-12]Status: DisposedITAT Delhi11 Jan 2023AY 2011-12
Bench: Shri N.K.Billaiya & Shri Kul Bharat[Assessment Year : 2011-12] Jcit, Vs S R Foils & Tissue P.Ltd., Circle-22(2), 2Nd Floor, Vardhman Plaza-Ii, New Delhi. J-Block, Community Centre, Rajouri Garden, New Delhi-110027. Pan-Aaacr7410E Appellant Respondent Appellant By Shri Upvan Gupta, Adv. Respondent By Ms. Maninder Kaur, Sr.Dr Date Of Hearing 05.01.2023 Date Of Pronouncement 11.01.2023 Order
Section 133(6)Section 143(3)Section 33(2)Section 53Section 53(1)Section 68
this regard is attached herewith as Annexure 1. Re: Our legal submissions
In the above background, it is most respectfully submitted as under:
Section 53(1) of the Code reads as under:
"Section 53. (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament ... equity shareholders or partners, as the case may be."
It is important to note down here that, in terms of the provisions of section 53(1) of the Code, having an overriding effect over all Central! State
Statutes, the proceeds of liquidation assets can be distributed in the order