The Official Assignee v. Venture Electronix
IN THE HIGH COURT OF JUDICATURE AT MADRAS
(IN INSOLVENCY) MONDAY, THE 22ND DAY OF JANUARY 2018 THE HON'BLE MR.JUSTICE R.SUBRAMANIAN APPLN.NO.120 OF 2017 IN IP.NO.4 OF 2009 I.P. No.4 of 2009 In the matter of Presidency Towns Insolvency Act, and In the matter of Venture Electronix Prop.B.Jayavel ... Debtor 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 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.
...1st Respondent/Insolvent 2.The Assistant Commissioner of Income Tax, Non Corporate Range-13, Annexue Building, 121, Mahatma Gandhi Road, Chennai 34.
... 2nd Respondent
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. 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 1st 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, THE COURT MADE THE FOLLOWING ORDER :
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.
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
alone without interest. Payment of interest will depend on the result of the proceedings pending before the Supreme Court.
WITNESS, THE HON'BLE MS. INDIRA BANERJEE, CHIEF JUSTICE, HIGH COURT AT MADRAS, AFORESAID THIS THE 22ND DAY OF JANUARY 2018.
SD/- ASSISTANT REGISTRAR(O.S.I) //CERTIFIED TO BE TRUE COPY// DATED THIS THE DAY OF 2018 MANAGER INSOLVENCY OFFICE From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.
cns-12.02.2018 HIGH COURT, MADRAS APPLN.No.120 OF 2017 IN I.P.NO.4 OF 2009 THE HON'BLE MR.JUSTICE R.SUBRAMANIAN ORDER DATED:22.01.2018 FOR APPROVAL: 09/04/2018/ 23/04/2018 APPROVED ON : 23/04/2018 COPY TO:- THE OFFICIAL ASSIGNEE HIGH COURT, MADRAS.