The case involves an application (IA No. 1001/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) against RRC International Freight Services Limited. The CIRP commenced on 26.12.2018, and a liquidation order was passed on 22.10.2019. During the liquidation, the Income Tax Authorities issued notices under Section 142(1) of the Income Tax Act, which culminated in an assessment order dated 10.03.2021. Subsequently, proceedings under Section 270A and 270AAC were initiated, leading to show cause notices and penalties imposed on the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) against RRC International Freight Services Limited commenced on 26.12.2018, followed by a liquidation order on 22.10.2019. During liquidation, the Income Tax Authorities issued notices under Section 142(1) of the Income Tax Act, leading to an assessment order dated 10.03.2021 assessing the Corporate Debtor's total income at Rs.3,44,86,678/-. Subsequently, proceedings under Sections 270A and 270AAC were initiated, resulting in show cause notices dated 10.03.2021, 10.06.2021, and 27.12.2021. Consequently, penalties of Rs.1.5 Lakhs (order dated 07.12.2021) and Rs.1,66,211/- (order dated 14.01.2022) were imposed. The Liquidator argued that these penalties were wrongly imposed during CIRP and liquidation, and the Income Tax
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Corporate Insolvency Resolution Process…
Liquidation order…
The case involves an application (IA No. 1001/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) against RRC International Freight Services Limited. The CIRP commenced on 26.12.2018, and a liquidation order was passed on 22.10.2019. During the liquidation, the Income Tax Authorities issued notices under Section 142(1) of the Income Tax Act, which culminated in an assessment order dated 10.03.2021. Subsequently, proceedings under Section 270A and 270AAC were initiated, leading to show cause notices and penalties imposed on the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) against RRC International Freight Services Limited commenced on 26.12.2018, followed by a liquidation order on 22.10.2019. During liquidation, the Income Tax Authorities issued notices under Section 142(1) of the Income Tax Act, leading to an assessment order dated 10.03.2021 assessing the Corporate Debtor's total income at Rs.3,44,86,678/-. Subsequently, proceedings under Sections 270A and 270AAC were initiated, resulting in show cause notices dated 10.03.2021, 10.06.2021, and 27.12.2021. Consequently, penalties of Rs.1.5 Lakhs (order dated 07.12.2021) and Rs.1,66,211/- (order dated 14.01.2022) were imposed. The Liquidator argued that these penalties were wrongly imposed during CIRP and liquidation, and the Income Tax
…Corporate Insolvency Resolution Process…
Liquidation order…