The Appellant, a Liquidator, was appointed to oversee the liquidation process of M/s. Servalakshmi Paper Limited. During the liquidation, assets were sold, and the proceeds were kept in a fixed deposit with the State Bank of India. The bank deducted TDS from the interest accruing on the fixed deposit.
The Appellant is the Liquidator of M/s. Servalakshmi Paper Limited (In Liquidation).
The Corporate Debtor's assets were sold through an e-auction, realizing Rs. 105 Crores.
The sale proceeds were kept in a fixed deposit with the State Bank of India (Respondent No. 2).
Respondent No. 2 deducted TDS from the interest accruing on the fixed deposit.
The Appellant requested Respondent No. 2 to refund the TDS and not deduct it in the future.
The Appellant filed an application before the Adjudicating Authority seeking a direction for the Income Tax Department to refund the TDS.
The Adjudicating Authority directed the Liquidator to submit a simplified account to the Income Tax Authorities.
The Appellant challenged the Adjudicating Authority's order before the Appellate Tribunal.
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Order passed by Ld. NCLT, Chennai Bench, in…
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The Appellant, a Liquidator, was appointed to oversee the liquidation process of M/s. Servalakshmi Paper Limited. During the liquidation, assets were sold, and the proceeds were kept in a fixed deposit with the State Bank of India. The bank deducted TDS from the interest accruing on the fixed deposit.
The Appellant is the Liquidator of M/s. Servalakshmi Paper Limited (In Liquidation).
The Corporate Debtor's assets were sold through an e-auction, realizing Rs. 105 Crores.
The sale proceeds were kept in a fixed deposit with the State Bank of India (Respondent No. 2).
Respondent No. 2 deducted TDS from the interest accruing on the fixed deposit.
The Appellant requested Respondent No. 2 to refund the TDS and not deduct it in the future.
The Appellant filed an application before the Adjudicating Authority seeking a direction for the Income Tax Department to refund the TDS.
The Adjudicating Authority directed the Liquidator to submit a simplified account to the Income Tax Authorities.
The Appellant challenged the Adjudicating Authority's order before the Appellate Tribunal.
…Order passed by Ld. NCLT, Chennai Bench, in…
Admission of t…