Extended Limitation Period Applies for Wilful Suppression When Bank Fails to Disclose Figures for Nearly Three Years.

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....Invocation of Extended period of limitation - When the correct figures are not brought to the notice of the department and when the suppression is unearthed through an intelligence report, the failure of the bank in remitting the amounts thereafter i.e., nearly three years can be brought under the words ‘wilful suppression’. The time for which default occasioned is equally important. - HC....