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    The National Company Law Tribunal (NCLT) has directed the income tax department to return taxes deducted at source (TDS) from Precision Fasteners, an auto-component maker that was referred for liquidation after facing insolvency. The liquidator of Precision Fasteners had approached NCLT to recover around Rs 1 crore deducted as TDS even when there was a moratorium under the insolvency and bankruptcy law. The ruling is expected to set a precedent for recovering statutory dues from companies facing liquidation.

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    The National Company Law Tribunal (NCLT) has directed the income tax department to return taxes deducted at source (TDS) from Precision Fasteners, an auto-component maker that was referred for liquidation after facing insolvency. The liquidator of Precision Fasteners had approached NCLT to recover around Rs 1 crore deducted as TDS even when there was a moratorium under the insolvency and bankruptcy law. The ruling is expected to set a precedent for recovering statutory dues from companies facing liquidation.

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    Tds - NCLT Directs Tax Department To Return TDS To Bankrupt Precision Fasteners - The Economic Times

    Uploaded by

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    The National Company Law Tribunal (NCLT) has directed the income tax department to return taxes deducted at source (TDS) from Precision Fasteners, an auto-component maker that was referred for liquidation after facing insolvency. The liquidator of Precision Fasteners had approached NCLT to recover around Rs 1 crore deducted as TDS even when there was a moratorium under the insolvency and bankruptcy law. The ruling is expected to set a precedent for recovering statutory dues from companies facing liquidation.

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    8/18/22, 1:18 PM tds: NCLT directs tax department to return TDS to bankrupt Precision Fasteners - The Economic Times

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    Business News › Industry › Auto › Auto Components › NCLT directs tax department to return TDS to bankrupt Precision Fasteners

    NCLT directs tax department to return TDS to


    bankrupt Precision Fasteners
    By Maulik Vyas, ET Bureau Last Updated: Jul 12, 2022, 04:46 PM IST
    SHARE FONT SIZE SAVE

    Synopsis
    The liquidator of the company had approached the Mumbai bench of the National
    Company Law Tribunal (NCLT) to recover about Rs 1 crore deducted from the company
    as TDS even when there was a moratorium in place under the insolvency and
    bankruptcy law. Mumbai-based Precision Fasteners was admitted under the corporate
    insolvency resolution process (CIRP) in 2017, on a petition filed by Asset Reconstruction
    Company India.

    Getty Images
    The bankruptcy court has directed the
    income tax department to return the
    tax deducted at source (TDS) from
    Precision Fasteners after the auto-
    component maker was referred for
    liquidation.

    The ruling is expected to set a


    precedent in several such cases where
    the revenue department is seeking to recover statutory dues from companies
    facing liquidation.

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    https://economictimes.indiatimes.com/industry/auto/auto-components/nclt-directs-tax-department-to-return-tds-to-bankrupt-precision-fasteners/arti… 1/9

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