Skip to main content

Shell Cos: I-T Dept to File Pleas in NCLT to Recover Tax Dues

 Shell Cos: I-T Dept to File Pleas in NCLT to Recover Tax Dues
The income-tax department is an “aggrieved creditor” to many deregistered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores of rupees. The Central Board of Direct Taxes (CBDT) has directed the I-T department to form a special team of officers to complete the task of filing these petitions in various NCLT benches across the country by this month-end, and has written to the ministry of corporate affairs seeking its help.
The CBDT, the policymaking body for the department, is concerned over crores of rupees of its “legitimate” taxes being stuck, after these shell firms were deregistered by the government in the recent past as part of its drive against black money and fraud business operations.
PTI has accessed a letter written recently by the CBDT to all its regional chiefs stating that the tax department is an “aggrieved creditor” vis-a-vis these struckoff shell companies and the taxman should hence undertake all efforts to file these petitions to get its dues from them.
“A good amount of information is already in the possession of the department in this context and this will be finalised once the entire data is compiled by the deadline of May 31,” a senior official said
The Economic Times, New Delhi, 22nd May 2018

Comments

Popular posts from this blog

Credit card spending growth declines on RBI gaze, stress build-up

  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the...

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...

Govt invites applications for RBI deputy governor's post, last date Nov 30

  The government has invited applications for the post of deputy governor of Reserve Bank of India from interested candidates with at least 25 years of experience and below 60 years of age as on January 15, 2025.One of the deputy governors, Michael Patra’s current term will end on January 15.According to an advertisement, candidates should have at least 25 years of work experience in Public Administration, including experience at the level of secretary or equivalent in the Government of India, or persons who have at least 25 years of work experience in an Indian or International Public Financial Institutions; or persons of exceptional merit and track record at the national or international level in the relevant field.The last date of submission of the application is November 30, 2024.   It has been clarified that the Financial Sector Regulatory Appointments Search Committee (FSRASC) – a body which will select the candidates- is free to identify and recommend any other person a...