Allowing the petition the Court held that t admittedly the claim for Income-tax was not lodged by the Department after public announcements were issued under sections 13 and 15 of the Code. On the date on which the resolution plan was approved by the National Company Law Tribunal, all claims stood frozen, and no claim, which was not a part of the resolution plan, would survive. Hence the amount of Rs. 6,98,230 stood frozen by the operation of the moratorium under the Code. No claim could be made against the assessee. The charge of interest amounting under section 234A, under section 234B and under section 234C of the Income-tax Act, 1961 did not survive. Dena Bank v. Bhikhabhai Prabhudas Parekh and Co (2001) 107 Comp Cas 157 (SC), (2000) 5 SCC 694, Ghanashyam Mishra and Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Company Ltd(2021) 227 Comp Cas 251 (2021) 9 SCC 657 ; Ruchi Soya Industries Ltd. v. UOI (2022) 231 Com Cas 308, (2022) 20 GSTR-l59 (SC), (2022) 6 SCC 343. (AY.2021-22)
Sree Metaliks Ltd. v. PCIT (2024) 464 ITR 144 / 336 CTR 102 (Orissa)(HC)
S. 143(3) : Assessment-Recovery of tax-Priority of debts-Corporate Insolvency Resolution-Overriding effect of Insolvency and Bankruptcy Code, 2016-Claim frozen as on date of Resolution plan-Interest cannot be charged under Sections 234A, 234C, while giving effect to order of Tribunal-Income-Tax does not have priority over debts of secured creditors. [S. 234A, 234B, 254(1) Insolvency and Bankruptcy Code, 2016, S. 3, 4,13, 14(1)(a) 15,]