Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Section 24(5) permits recovery of company tax dues from directors of a private company in liquidation only after recovery from the company itself has become impossible, including where recovery is barred by insolvency or no assets remain. Before attaching directors' bank accounts, the tax authority must disclose the foundational basis for alleging gross negligence, misfeasance or breach of duty, so that directors get an opportunity to object. Because the notice failed to state that basis, the bank attachment was not compliant with the statute and was set aside, with liberty to proceed afresh in accordance with the section.
Section 24(5) permits recovery of company tax dues from directors of a private company in liquidation only after recovery from the company itself has become impossible, including where recovery is barred by insolvency or no assets remain. Before attaching directors' bank accounts, the tax authority must disclose the foundational basis for alleging gross negligence, misfeasance or breach of duty, so that directors get an opportunity to object. Because the notice failed to state that basis, the bank attachment was not compliant with the statute and was set aside, with liberty to proceed afresh in accordance with the section.
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