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2009 (1) TMI 496 - HIGH COURT OF MADRASLifting of Corporate veil - Whether the petitioners being shareholders are liable to pay tax arrears? - Held that:- From the impugned notice dated 17-2-2004, it will be evident that the first respondent issued the notice on presumption that the second respondent is a "firm". In the second paragraph, it is stated that the petitioners being "shareholders of a defunct firm" liability to pay tax arrears lies upon them also, though admittedly the second respondent is not a firm, nor the petitioners are shareholders of a defunct firm. The impugned notice having been issued on such misconception and having been issued without jurisdiction, we set aside the impugned notice dated 17-2-2004, though it will be open to the concerned authority to take recourse to any action, if permitted under any law. For the same reason, we also set aside the interim conditional order dated 7-9-2006, passed by learned Single Judge. W.P. allowed.
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