TMI Blog1997 (8) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... issued by the second respondent, the Tax Recovery Officer. Exhibit P-4 is a notice issued under sections 222 and 223 of the Income-tax Act, 1961, demanding a sum of Rs. 3,91,829 being arrears of income-tax due from Wynad Financing Corporation. Exhibit P-6 is a further communication issued by the second respondent stating that since the firm is defunct, the petitioner and others are jointly and sev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in exhibits P-4 and P-6 notices. I have heard Sri P. K. R. Menon, learned senior Central Government standing counsel on behalf of the respondents. Learned senior counsel submitted that the firm, Wynad Financing Corporation, has filed an application before the Settlement Commission (IT and WT), Additional Bench, Madras, for settlement of its tax liabilities and exhibit P-2 is the proceedings of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question regarding the genuineness of the firm. In that context, the Settlement Commission observed as follows : "Regarding the question of registration, we accept the Department's case that the firm is not genuine. It has been admitted in the statement of facts that there were only three persons who had organised abkari contract business under various names and they had taken their relatives a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporation, cannot be sustained, though learned counsel appearing for the petitioner took me to the revised statement of facts and terms of settlement filed before the Settlement Commission (exhibit P-7 produced along with the additional affidavit dated August 16, 1997). In view of exhibit P-2, I do not find any substance in the same. The amounts demanded in exhibits P-4 and P-6 are the amounts set ..... X X X X Extracts X X X X X X X X Extracts X X X X
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