The Tribunal acknowledged that the assessee had not produced any evidence. Still, in the interest of justice, the Bench decided the matter should be sent back to the Assessing Officer for factual verification and fresh adjudication.

The case underscores the Tribunal’s insistence on procedural integrity and full disclosure in insolvency resolution, reaffirming that commercial wisdom cannot override statutory compliance.

The case underscores the Tribunal’s insistence on procedural integrity and full disclosure in insolvency resolution, reaffirming that commercial wisdom cannot override statutory compliance.