Jayam Vyapaar Pvt. Ltd., the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) on March 25, 2023, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant was assessed to Income Tax for the assessment year 2012-13 on March 25, 2015, for Rs. 2,86,44,540/-. An appeal against this order was dismissed by the Commissioner of Income Tax (Appeals) Kolkata on December 18, 2018. The Appellate Authority confirmed the demand of Income tax raised in the assessment order, finding that the Income has escaped tax due to money laundering. The corporate applicant has not been able to pay the tax demand and consequently filed this application in the year 2023 for initiating CIRP.
Jayam Vyapaar Pvt. Ltd. filed an application under Section 10 of the IBC to initiate CIRP on 25.03.2023. The company faced an Income Tax assessment for 2012-13, with a demand of Rs. 2,86,44,540/- issued on 25.03.2015. An appeal against this assessment was dismissed on 18.12.2018, and the appellate authority confirmed the tax demand, citing potential money laundering. The company did not challenge the appellate authority's order before the ITAT, making it final. The date of default for Income Tax payment was determined to be 18.12.2018. The company showed the Income Tax liability as a contingent liability until 31.03.2021, and as a liability in the balance sheet for the year ending 31.03.2022. The application under Section 10 of IBC was filed in 2023. The court found
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Corporate Applicant was assessed to Income Tax…
Appeal against the Income Tax assessment…
Jayam Vyapaar Pvt. Ltd., the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) on March 25, 2023, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant was assessed to Income Tax for the assessment year 2012-13 on March 25, 2015, for Rs. 2,86,44,540/-. An appeal against this order was dismissed by the Commissioner of Income Tax (Appeals) Kolkata on December 18, 2018. The Appellate Authority confirmed the demand of Income tax raised in the assessment order, finding that the Income has escaped tax due to money laundering. The corporate applicant has not been able to pay the tax demand and consequently filed this application in the year 2023 for initiating CIRP.
Jayam Vyapaar Pvt. Ltd. filed an application under Section 10 of the IBC to initiate CIRP on 25.03.2023. The company faced an Income Tax assessment for 2012-13, with a demand of Rs. 2,86,44,540/- issued on 25.03.2015. An appeal against this assessment was dismissed on 18.12.2018, and the appellate authority confirmed the tax demand, citing potential money laundering. The company did not challenge the appellate authority's order before the ITAT, making it final. The date of default for Income Tax payment was determined to be 18.12.2018. The company showed the Income Tax liability as a contingent liability until 31.03.2021, and as a liability in the balance sheet for the year ending 31.03.2022. The application under Section 10 of IBC was filed in 2023. The court found
…Corporate Applicant was assessed to Income Tax…
Appeal against the Income Tax assessment…