2019 (12) TMI 870

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Mr.T.N.Seetharaman For the Respondents in both W.Ps : Mrs.Hema Muralikrishnan, Senior Standing Counsel for R1 & R2 Mr.Bavisetty Sridhar, Deputy Official Liquidator -R3 COMMON ORDER These two Writ Petitions have been filed by an individual challenging orders of the Commissioner of Income Tax, R1 dismissing petitions for Revision under Section 264 of the Income Tax Act, 1961 (in short '....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... RPS. The Official Liquidator was thus directed to pay the entire capital gains of a sum of Rs. 1,47,78,955/- in respect of assessment year 2001-02. At Paragraph No.4, the learned Company Judge states as follows: '4. Considering the facts and circumstances of the case and taking note of the report of the Official Liquidator, this Company application is ordered permitting the Official ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Company as well as sale of vehicles. The total capital gains from sale of shares was computed at a figure of Rs. 6,50,73,151/- and the tax thereupon at a figure of Rs. 1,42,45,449/- which, along with surcharge at 13% of a sum of Rs. 20,12,316/-, amounted to Rs. 1,47,78,955/- This amount represents the capital gains tax payable by five entities, i.e., P.G.Saranyan, S.Premchand, K.Sudarsanan, S.Raja....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tself incorrect, for the reason that the petitioner, had not remitted the admitted tax prior to filing of appeal leading to the dismissal of the same in limine as not maintainable. Thus the filing of the revision application before the Commissioner is proper and there is no flaw in that regard. The second question raised is whether, having filed a return admitting certain income, the petitioner ca....