ASIAN CONSOLIDATED INDUSTRIES LIMITED Vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 12, NEW DELHI

JUDGEMENT

(1.) This order shall dispose of CWP Nos.19007 and 19055 of 2015 as according to the learned counsel for the petitioner, the issue involved in both the petitions is identical. However, the facts are being extracted from CWP No.19055 of 2015.

(2.) In CWP No.19055 of 2015, the petitioner prays for quashing the order dated 9.2.2015, Annexure P. 1 passed by the Income Tax Appellate Tribunal, Delhi Bench 'Friday', New Delhi whereby application for restoration of the appeal i.e. ITA No.428/Del/1997 filed by it against the order dated 26.9.2002 passed by the respondent has been dismissed.

(3.) A few facts relevant for the decision of the controversy involved as narrated in CWP No.19055 of 2015 may be noticed. The petitioner company was ordered to be wound up by this court vide order dated 7.1.1999, Annexure P.2 in CP No.8 of 1998. The control of the petitioner company came in the hands of the Official Liquidator. The exmanagement of the petitioner company filed revival petition of the company i.e. CP No.6 of 2013 before this court under Sections 391/394 of the Companies Act, 1956 (in short, "the Companies Act") stating that the petitioner company may again carry out its business operations if certain concessions were allowed/granted by the Court. The ex-management of the petitioner company entered into a One Time Settlement (OTS) with its various secured and unsecured creditors. The said revival petition was considered by the court and notices were issued to the various parties. Vide order dated 12.5.2014, Annexure P.4, the said revival petition was allowed.