Demand adds to the Rs 57,000-crore dues payable from company's assets on sale
The income tax (I-T) department has raised a massive tax demand of about Rs 24,500 crore on troubled realty-based investment firm PACL (formerly Pearls Agrotech Corp). The revenue demand pertains to a six-year period, from assessment year 2008-09 to 2014-15.
The I-T department has written to a committee headed by former chief justice R M Lodha to consider this claim “so that the due tax liability of the assessee company can be recovered after the sale/auction of the various properties of M/s PACL Ltd”. The committee has informed the Supreme Court of this tax demand as part of its submissions recently.
These claims have added substantially to the dues of the company, which already owes more than Rs 57,000 crore to some 51.5 million investors. The firm had run into trouble with markets regulator Securities and Exchange Board of India (Sebi) for raising this money without necessary approvals.
This is the second such large demand by the I-T department on a company under Sebi orders. In April, reports said the department had raised a Rs 24,646-crore demand on the Sahara group’s Aamby Valley, after conducting a special audit.
PACL was allegedly carrying on an investment scheme, though it couched this in the real estate activity of purchase and sale of land parcels across the country. In the process, it had accumulated vast tracts of land, a large part of this being barren agricultural land. After a protracted legal battle that dragged on for over 15 years, Sebi had directed the company to refund Rs 49,100 crore along with interest in (read more...)
The I-T department has written to a committee headed by former chief justice R M Lodha to consider this claim “so that the due tax liability of the assessee company can be recovered after the sale/auction of the various properties of M/s PACL Ltd”. The committee has informed the Supreme Court of this tax demand as part of its submissions recently.
These claims have added substantially to the dues of the company, which already owes more than Rs 57,000 crore to some 51.5 million investors. The firm had run into trouble with markets regulator Securities and Exchange Board of India (Sebi) for raising this money without necessary approvals.
This is the second such large demand by the I-T department on a company under Sebi orders. In April, reports said the department had raised a Rs 24,646-crore demand on the Sahara group’s Aamby Valley, after conducting a special audit.
PACL was allegedly carrying on an investment scheme, though it couched this in the real estate activity of purchase and sale of land parcels across the country. In the process, it had accumulated vast tracts of land, a large part of this being barren agricultural land. After a protracted legal battle that dragged on for over 15 years, Sebi had directed the company to refund Rs 49,100 crore along with interest in (read more...)
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