The case involves an application filed by the Resolution Professional of Unijules Life Sciences Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs related to the adjustment of pre-CIRP tax dues against post-CIRP tax refunds by the Income Tax Department.
CIRP was commenced on 8.3.2019 by the Tribunal on an application u/s 7 of I B Code filed by Punjab National Bank.
The Income Tax Department adjusted demands outstanding for A.Y. 2006-07, 2007-08 and 2011-12 against the refunds claimed in the Income Tax Return filed by the Applicant Resolution Professional after commencement of CIRP period i.e. A.Y. 2019-20, 2021-22, 2022-23 and 2023-24.
The Applicant requested the Respondent Department to refund the adjusted amount of INR 25,90,790/- along with interest at 12% p.a.
The Respondent Assessing Officer, Income Tax Department was served notice of the application but did not appear before the Tribunal.
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CIRP was commenced by the Tribunal on an…
The Respondent Income…
The case involves an application filed by the Resolution Professional of Unijules Life Sciences Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs related to the adjustment of pre-CIRP tax dues against post-CIRP tax refunds by the Income Tax Department.
CIRP was commenced on 8.3.2019 by the Tribunal on an application u/s 7 of I B Code filed by Punjab National Bank.
The Income Tax Department adjusted demands outstanding for A.Y. 2006-07, 2007-08 and 2011-12 against the refunds claimed in the Income Tax Return filed by the Applicant Resolution Professional after commencement of CIRP period i.e. A.Y. 2019-20, 2021-22, 2022-23 and 2023-24.
The Applicant requested the Respondent Department to refund the adjusted amount of INR 25,90,790/- along with interest at 12% p.a.
The Respondent Assessing Officer, Income Tax Department was served notice of the application but did not appear before the Tribunal.
…CIRP was commenced by the Tribunal on an…
The Respondent Income…