HC rejects Vijay's plea challenging income tax notice
Bengaluru, Feb. 7 -- The Madras high court on Friday dismissed a plea filed by actor and Tamilaga Vettri Kazhagam (TVK) president Vijay challenging the imposition of a Rs.1.5 crore penalty by the Income Tax Department for "not voluntarily disclosing" additional income of Rs.15 crore during the financial year 2015-16.
Justice Senthilkumar Ramamoorthy held that the I-T department had issued the show cause notice "within the two-year limitation period prescribed under Section 263 of the Income Tax Act." The judge said he did not find any legal infirmity in the issuance of the notice and declined to examine the merits of the penalty proceedings.
The high court however, granted liberty to Vijay to challenge the notice and the consequential penalty order before the ITAT....
To read the full article or to get the complete feed from this publication, please
Contact Us.