2020 (2) TMI 971 - SCH - Income Tax

Liability of directors of private company in liquidation u/s 179 - Recovery proceedings - argument is that instead of recovering the aforesaid amount in tune with the provisions of Section 179 the Department proceeded to put the immovable properties to auction - HELD THAT - We issue notice in the petition. The principal tax due (in respect of the auction of these nine properties) being ₹ 1.33 crores, we direct that Shri Gulati s client deposits the same within three weeks from today with the Registry of this Court which amount shall be invested in short term fixed deposit of a nationalised Bank. In the meanwhile, auction sales that have been made not to be confirmed.

Summary

The Supreme Court directed the petitioner to deposit Rs. 1.33 crores within three weeks for auctioned properties. Auction sales made were not to be confirmed. Case citation: 2020 (2) TMI 971 - SC Order.