Denial of bank credit to identified tax evaders following final penalties or convictions for a mandated restriction period. Banks are to be instructed to deny credit facilities above a prescribed limit for three years to persons against whom final penalties for concealment of income/wealth meeting a minimum threshold have been imposed, or who have been convicted for specified tax or related criminal offences. Reportable categories include final penalty orders where penalty is upheld or unappealed and convictions by courts under designated tax and criminal offence provisions. The restriction targets only the penalised or convicted person or entity, with representative or fiduciary conduct extending the denial to both principal and representative. Commissioners must submit quarterly consolidated reports in a prescribed proforma to the Director of Inspection (Research & Statistics).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Denial of bank credit to identified tax evaders following final penalties or convictions for a mandated restriction period.
Banks are to be instructed to deny credit facilities above a prescribed limit for three years to persons against whom final penalties for concealment of income/wealth meeting a minimum threshold have been imposed, or who have been convicted for specified tax or related criminal offences. Reportable categories include final penalty orders where penalty is upheld or unappealed and convictions by courts under designated tax and criminal offence provisions. The restriction targets only the penalised or convicted person or entity, with representative or fiduciary conduct extending the denial to both principal and representative. Commissioners must submit quarterly consolidated reports in a prescribed proforma to the Director of Inspection (Research & Statistics).
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