Dismissing the civil appeal and SLO of revenue the Court held that no claim was made by the Department in the Corporate Insolvency Resolution Process proceedings, wherein the plan has been approved and is being implemented. Followed Ghanashyam Mishra & Sons (P) Ltd.v.Edelweiss Asset Reconstruction Co. Ltd. (2021) 9 SCC 659.(AY. 2005-06)
CIT v. Pancard Clubs Ltd. (2025) 180 taxmann.com 529/ 347 CTR 672 / 256 DTR 180 (SC) Editorial : CIT v. Pancard Clubs Ltd(2014) 226 Taxman 141/ 272 CTR 257 /(2015) 370 ITR 45 (Bom)(HC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Accrual of income-Holiday scheme-Refund not only advance but also surrendered value in case of non-utilization of scheme-Incurred liability and no income accrued to assessee on receipt of advance-No claim was made by the Department in the Corporate Insolvency Resolution Process proceedings-Order of High Court affirming the order of Tribunal is affirmed-SLP of revenue dismissed. [S. 4, 5, Art. 136]
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