https://www.taxtmi.com/caselaws?id=219479 The court ruled in favor of the petitioner, quashing the recovery proceedings for income tax dues of a public company. It was found that Section 179 of the Income Tax Act, 1961, which typically applies to private companies, could be invoked due to the principle of lifting the corporate veil. However, the Assistant Commissioner's order was set aside for violating principles of natural justice. The case was remanded for a fresh hearing with proper notice and opportunity for the petitioner to respond to the allegations of corporate veil lifting. en-us Tue, 06 Nov 2012 00:00:00 +0530 Sat, 14 Oct 2017 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219479 The court ruled in favor of the petitioner, quashing the recovery proceedings for income tax dues of a public company. It was found that Section 179 of the Income Tax Act, 1961, which typically applies to private companies, could be invoked due to the principle of lifting the corporate veil. However, the Assistant Commissioner's order was set aside for violating principles of natural justice. The case was remanded for a fresh hearing with proper notice and opportunity for the petitioner to respond to the allegations of corporate veil lifting. Case-Laws Income Tax Tue, 06 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219479