Income Tax Section 179 not applies to public limited companies: Rajasthan HC

Akhilesh Kumar Bhatra Vs ITO (Rajasthan High Court) In the case of Akhilesh Kumar Bhatra Vs. ITO (Rajasthan High Court), the issue revolved around whether outstanding tax dues under the Income Tax Act could be recovered from a director of a public limited company under Section 179 of the Act. The petitioner, a non-executive director of M/s. Pinky Auto Finance Limited, later renamed M/s. Golden Future Capital Limited, faced a recovery notice issued by the Income Tax authorities under Section 179. The tax demand arose for the Assessment Year 2007-08, but after the company failed to pay, the auth...