1983 (1) TMI 58 - HC - Income Tax

Summary

The petitioner, a director of a private limited company, challenged the application of section 179 of the Income Tax Act to tax arrears of the company assessed prior to the 1975 amendment. The High Court held that the amended section 179 did not apply retrospectively, and the petitioner cannot be held liable for the tax arrears. The petition was allowed with costs, and the petitioner was entitled to withdraw the deposited sum of Rs. 9,780 with interest. (Case: Bhimjee & Company Pvt. Ltd.)