HC imposes Cost of Rs. 5 Lakh on Assessee for Misleading the Court

Indus Towers Ltd. Vs ACIT (Delhi High Court) The issue raised is that of gross suppression and misstatement by the petitioner, which led to a false projection of the outstanding liability/ refund due from/ to the petitioner.  It is pointed out by Mr. Raghvendra Singh that the petitioner was required to file a consolidated return in respect of the merged entity i.e. the petitioner, which was filed by the petitioner for the assessment year 2011-12. The petitioner had, in the said return, computed the net taxable income (loss) as Rs.(–)1 1,977,945,558/-. The assessment order computes the taxab...