HC quashes Order passed without sufficient opportunity subject to payment of Tax of Rs. 5 Crore

Hermes I Tickets P Ltd Vs DCIT (Madras High Court) In this case The petitioner has made out a case for interference as the impugned order has been passed based on the assumption that the amount urging in the petitioner’s account during the period were ‘an unexplained income’ of the petitioner. The fact remains that the two officers had left the petitioner and thus the petitioner could not reply to notice. The fact that the petitioner will have to be wound up if the impugned order remains. Therefore, the impugned order is quashed, subject to the petitioner depositing a sum of ...