1997 (8) TMI 35

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....ashing exhibits P-4 and P-6 notices issued by the second respondent, the Tax Recovery Officer. Exhibit P-4 is a notice issued under sections 222 and 223 of the Income-tax Act, 1961, demanding a sum of Rs. 3,91,829 being arrears of income-tax due from Wynad Financing Corporation. Exhibit P-6 is a further communication issued by the second respondent stating that since the firm is defunct, the petit....

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.... due from the defunct firm proposed in exhibits P-4 and P-6 notices. I have heard Sri P. K. R. Menon, learned senior Central Government standing counsel on behalf of the respondents. Learned senior counsel submitted that the firm, Wynad Financing Corporation, has filed an application before the Settlement Commission (IT and WT), Additional Bench, Madras, for settlement of its tax liabilities an....

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....istration to the firm considered the question regarding the genuineness of the firm. In that context, the Settlement Commission observed as follows : "Regarding the question of registration, we accept the Department's case that the firm is not genuine. It has been admitted in the statement of facts that there were only three persons who had organised abkari contract business under various names....