9911796707
TMI Blog2012 (9) TMI 350X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of this case, ought to have heard the petitioner-company, which they have not done - representations made by the petitioner require further details to be furnished - special leave petition accordingly, disposed of. - - - - - Dated:- 15-4-2011 - KAPADIA S. H., PANICKER RADHAKRISHNAN K. S., SWATANTER KUMAR, JJ. JUDGMENT Order It is the case of the petitioner-company that it was a victim of unprecedented alleged fraud perpetrated by the former chairman and the previous management of the company. The financial statement of the petitioner- company were allegedly fudged. Allegedly sales and interest income for several years have been overstated, fictitious deposits allegedly were shown in the balance-sheet, whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 of the SFIO report (volume I). The SFIO report stated that ₹ 186.91 crores is on the conservative side and the actual amount of excess tax paid on non-existent interest on fictitious deposit could be to the tune of ₹ 270.33 crores (para. 4.2.14 and 4.2.15 of the SFIO report (volume I)). (d) The former management caused wrongful loss to the company by paying taxes on non-existent interest income (please see para. 4.2.33 of the SFIO report (volume I)). (e) The former management submitted falsified financial state- ments to the Income-tax Department when the company was under the control of the former promoters (see SFIO report volume I at para. 4.6.39, page 265). In the circumstances, petitioner-company represent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. Against the said order, the company has come to this court by way of special leave petition. Having heard learned advocates on both sides, we are of the view that the Central Board of Direct Taxes, in the peculiar facts and circumstances of this case, ought to have heard the petitioner-company, which they have not done. We also find that the representations made by the petitioner require further details to be furnished and, in the circumstances, we pass the following order : (i) Within two weeks from today, the petitioner-company will file a comprehensive petition/representation before the Central Board of Direct Taxes giving all requisite details/particulars in support of its case for re-quantification/reassessment of income f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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