Ex parte decree

Querist : Anonymous (Querist) 06 December 2011 This query is : Resolved

Sir,

my co. has filed a suit for recovery of dues against one co. the said suit was undefended as the defendant co failed to appear and filed Written statement. the said suit therefore kept for ex parte and then an exparte decree passed in favour of my co. we know that we can't get anythi9ng from the defendant co even after execution of decree as the defendant co does not have any immovable property and we do not have any detail/s about movable property or bank accounts of defendant co.

the recovery amount is very huge we therefore decided to claim for tax benefit before the I. T. Department, but our advocate and C.A. said that without execution of decree or without attempt of execution we can't claim for tax benefit hence we should file a petition for execution of decree and after we should claim for tax benefit before I.T. Department. Actually our advocate and C.A. are cousin and as per their reputation we are in doubt about their advice of the necessity of filing recovery petition.

Kindly advice us. what should we do?

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M.Sheik Mohammed Ali (Expert) 06 December 2011
yes, you without execution you will not claim, you obey as per your advocate and CA advice.

ajay sethi (Expert) 06 December 2011
if you have a ex parte decree against the compnay file winding up petition against the company . if the company has assets it will come forward for settlement and you will recover your money

Devajyoti Barman (Expert) 06 December 2011
Then go for civil imprisonment of the Directors in execution of decree and see the results come out fast.

Raj Kumar Makkad (Expert) 06 December 2011
I doubt Ajay and Barman have read the query perfectly. Here is the question of availing the tax benefit over the amount to be recovered from the company against whom ex-parte decree has been pronounced.

I fully agree with the advice of your counsel and CA that without filing execution petition, the desired benefit of tax is not available to you.

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