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2019 (12) TMI 870 - MADRAS HIGH COURTRevision u/s 264 - capital gains on sale of shares of an entity - One company had gone into liquidation and this Court, appointed an Official Liquidator directing to remit the capital gains on the sale of shares of the Company including the shareholdings of the petitioner in these Writ Petitions as well as four other family members and appropriate the consideration received towards meeting the claims of depositors of RPS - HELD THAT:- As the amount of capital gains has been remitted in full by the company, there can be no double demand made of the same amount, in the hands of the petitioner. Proceedings u/s 264 maintainability - where subsequent events have ensured that the entire tax demand including the amount offered to tax by the petitioner and the demand of tax payable thereon has been satisfied by the company pursuant to an order of this Court there can be no further demand on the petitioner. R1, as revisional authority, is certainly empowered, under the provisions of the Act, to consider such requests balancing the interests of the assessee as well as the Income Tax Department to ensure that the proper and appropriate of demand is satisfied and no more.
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