Disposed

The Official Assignee v. Venture Electronix

Madras HC22 Jan 2018APPLN/120/2017

Case brief

AI extract

What is this about?

The Court ordered the Official Assignee to pay tax without interest pending a Supreme Court appeal on the interest issue. Interest liability depends on the final outcome of the pending Supreme Court proceedings. The Official Assignee was adjudged to pay tax alone without interest.

What did the court decide?

Directed the Official Assignee to pay tax alone without interest; interest liability subject to Supreme Court ruling.

The Official Assignee Vs Venture Electronix — Insolvency and Bankruptcy | Madras HC (2018)

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IN THE HIGH COURT OF JUDICATURE AT MADRAS

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(IN INSOLVENCY)

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MONDAY, THE 22ND DAY OF JANUARY 2018

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THE HON'BLE MR.JUSTICE R.SUBRAMANIAN

APPLN.NO.120 OF 2017

IP.NO.4 OF 2009

I.P. No.4 of 2009

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In the matter of Presidency Towns Insolvency Act, and In the matter of Venture Electronix Prop.B.Jayavel ... Debtor

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Venture Electronix, rep. by its Proprietor, B.Jayavel, residing at No.4A, Ganga Nagar, Jafferkhanpet, Chennai-600 083. ... Petitioner / Debtor APPLN.NO.120 OF 2017

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The Official Assignee, High Court, Madras ... Applicant -VS1.Venture Electronix, rep. by its Proprietor, B.Jayavel, residing at No.4A, Ganga Nagar, Jafferkhanpet, Chennai-600 083. ...1^st Respondent/Insolvent 2.The Assistant Commissioner of Income Tax, Non Corporate Range-13, Annexue Building, 121, Mahatma Gandhi Road, Chennai 34. ... 2^nd Respondent

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Application praying that this Hon'ble Court be pleased to direct the Assessing Officer not to insist on Interest payable under Sections 234A, 234B and 234C of the Income Tax Act 1961 with respect to the Returns of Income filed manually since the waiver is subject matter of appeal before the Hon'ble Supreme Court of India in SLT (C)No.6419-23 of 2017, filed by the Income Tax Department.

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The above application coming on this day before this court for hearing in the presence of Mr.J.Balachander, advocate for the Official Assignee of this court, the applicant; Mr.S.Pugalendhi, advocate for the 1^st respondent/insolvent and Mr.M.Swaminathan, advocate for the 2nd respondent herein; and upon reading the Judges Summons and report of the Official Assignee filed herein,

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THE COURT MADE THE FOLLOWING ORDER :

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This application has been filed to direct the Assessing Officer not to insist the interest payable under Section 234(A), 234(B) and 234(C) of the Income Tax Act 1961, with respect to the returns of income of the insolvent.

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2.Since, the matter relating to payment of interest is pending before the Supreme Court in SLT(C) No.6419-23 of 2017. The Official Assignee is directed to pay the tax

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alone without interest. Payment of interest will depend on the result of the proceedings pending before the Supreme Court.

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WITNESS, THE HON'BLE MS. INDIRA BANERJEE, CHIEF JUSTICE, HIGH COURT AT MADRAS, AFORESAID THIS THE 22ND DAY OF JANUARY 2018.

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ASSISTANT REGISTRAR(O.S.I)

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//CERTIFIED TO BE TRUE COPY// DATED THIS THE DAY OF 2018

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MANAGER

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INSOLVENCY OFFICE

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From 25^th Day of September 2008 the Registry is issuing

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certified copies of the Orders/Judgments/Decrees in this format.

cns-12.02.2018

HIGH COURT, MADRAS

APPLN.No.120 OF 2017

I.P.NO.4 OF 2009

THE HON'BLE MR.JUSTICE

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R.SUBRAMANIAN

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ORDER DATED:22.01.2018

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FOR APPROVAL: 09/04/2018/ 23/04/2018

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APPROVED ON : 23/04/2018

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COPY TO:-

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THE OFFICIAL ASSIGNEE HIGH COURT, MADRAS.

The Official Assignee v. Venture Electronix

Case brief

What is this about?

What did the court decide?

The Official Assignee v. Venture Electronix

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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Coram

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