Authority: Madras High Court

Order Date: 28-10-2026

Case Overview

  • Appellant: Commissioner of Income Tax, Chennai.
  • Respondent: M/s Kanishk Gold Private Limited, 43 Usman Road, T.Nagar, Chennai.
  • Appeal filed under Section 260‑A of the Income‑Tax Act, 1961 against the Income Tax Appellate Tribunal (ITAT) Madras ‘C’ Bench order dated 05‑05‑2014 for assessment year 2009‑10.
  • The liquidator, appointed by the National Company Law Tribunal (NCLT) in an insolvency proceeding initiated by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed a memo dated 21‑10‑2004 confirming that 12 financial creditors and 9 operational creditors have made claims before the liquidator.
  • The Income‑Tax Department’s claim amounts to Rs.1,22,56,76,779, which is part of the total creditor claims; a copy of Form C dated 17‑02‑2020 was also placed on record.

Final Outcome

  • The Court held that no issue remains for determination in the appeal; the matter must be dealt with by the official liquidator and the NCLT.
  • Consequently, the tax appeal is closed, with substantial questions of law left unanswered and no costs awarded.

Topics: Tax Litigation, Insolvency