Assessing Officer cannot adjust the Income Tax Refund with Income Tax Demand during the CIRP – Sai Ramesh Kanuparthi, R.P. of Gayatri Projects Ltd. Vs. Principal Chief Commissioner of Income-tax, Hyderabad – NCLT Hyderabad Bench

In this case, the Resolution Professional (Applicant) has given intimation of commencement of the CIRP of the Corporate Debtor and applicability of moratorium u/s 14 of the Code to the Income Tax Department. During the examination of the books of account and other records of the CD, it was noticed that the CD was eligible for the Income Tax Refund of Rs. 56,54,62,472/- in respect of AY 2021-22, which was adjusted by the Income Tax Department against their demands of AY 2016-17, Rs. 44,72,68,582 and demands of AY 2018-19, Rs. 11,81,93,690.

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