Lifting of Corporate Veil in case of Public Limited Company by treating the same as Private Limited Company

1. The petitioner, by way of present petition, has challenged the legality, validity and propriety of an order dated 31.3.2016 issued under Section 179 of the Income-tax Act,1961 (for short ‘the Act’) whereby, the corporate veil of a company is lifted and the directors are held to be defaulters within the meaning of Section 179 of the Act and it is this order which is made the subject matter of present petition. 2. Brief facts are as under : 2.1 The company named as Hirak Biotech Limited was incorporated under the provisions of the Companies Act,1956 on 25.1.2005 initially with main direct...