https://www.taxtmi.com/caselaws?id=413182 The court ruled in favor of the petitioners, setting aside the impugned proceedings against the directors of the public limited company. It held that Section 179 of the Income Tax Act, which imposes liability on directors of private companies for tax dues, does not apply to public limited companies. The court emphasized that its decision does not bar the Revenue from seeking alternative avenues for tax recovery and left room for the issue of payment to the Income Tax Department under the compromise decree to be addressed in future proceedings. en-us Mon, 13 Sep 2021 00:00:00 +0530 Tue, 05 Oct 2021 20:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413182 The court ruled in favor of the petitioners, setting aside the impugned proceedings against the directors of the public limited company. It held that Section 179 of the Income Tax Act, which imposes liability on directors of private companies for tax dues, does not apply to public limited companies. The court emphasized that its decision does not bar the Revenue from seeking alternative avenues for tax recovery and left room for the issue of payment to the Income Tax Department under the compromise decree to be addressed in future proceedings. Case-Laws Income Tax Mon, 13 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413182