The Supreme Court is to hear a special leave petition filed by the petitioner against the Orissa High Court ruling that upheld the adjustment of a ₹6.00 crore income tax refund against old tax dues.
Issuing notice on the Special Leave Petition, the apex court kept alive the company’s plea while noting the High Court’s reasoning that refund claims relating to assessment years predating the resolution plan cannot be maintained by a Resolution Applicant.
The dispute arises from the adjustment of a ₹6,00,71,354 refund due to Sree Metaliks Limited for Assessment Year 2010-11. The Income Tax Department set off this refund against “old income tax dues” reflected in the company’s balance sheet and considered…