Challenge to Demand Notice Procedure under Finance Act 2011 The petitioner challenged a demand notice issued without constituting a Committee for compliance verification under section 72 of the Finance Act, 2011. ...
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Challenge to Demand Notice Procedure under Finance Act 2011
The petitioner challenged a demand notice issued without constituting a Committee for compliance verification under section 72 of the Finance Act, 2011. The court directed that no recovery be made pending the Committee's decision, as previously ordered. The registry was instructed to provide the order copy to the counsels involved.
Issues involved: Challenge to demand notice u/s 72 of Finance Act, 2011 without constitution of Committee for compliance verification.
Summary: The petitioner challenged a demand notice of Rs. 4,16,48,004/- issued without constituting a Committee to verify compliance with notifications u/s 72 of the Finance Act, 2011. In a previous order, it was directed that an Investment Appraisal Committee should meet to decide on investments made by the assessee by 31st October, 2013. The current petition was filed in line with this directive. No recovery pursuant to the demand notice was allowed due to the pending Committee decision. The registry was instructed to provide a copy of the order to the respective counsels.
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