2014 (10) TMI 266

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..... nt services in the area of shares, commodity derivatives and forex and the 2nd petitioner is its Managing Director. In the course of business, they transacted various conveyances, which included purchase of plots and development of the same as 'Silver Sand Island', near Vytilla in Ernakulam. But the project of the petitioners could not be completed as desired, because of objections from th .....

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..... issioner of Income Tax (Appeals)-II, before whom the appeals are pending. It is in the meanwhile, that the petitioners have been served with Ext.P11 notice under Section 279(1) of the Act, as to why prosecution proceedings shall not be initiated under Section 276 CC of the Income Tax Act. It is stated that the petitioners have submitted a detailed reply. But without any regard to the same, proceed .....

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..... 5. Heard the learned Standing Counsel for the respondents as well. 6. In view of the limited nature of the reliefs sought for, this Court does not find it necessary to deal with the merits of the case. Accordingly, the first respondent is directed to consider Ext.P14 representation and pass appropriate orders, after affording an opportunity of hearing to the petitioners, at the earliest, at any r .....

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