Reliance Industries Limited is charged for committing offence under the PC Act: Bombay HC
Shivani Bhati | Dec 24, 2021 |
Reliance Industries Limited is charged for committing offence under the PC Act: Bombay HC
Petition filed to challenge the communication dated 25th January 2021 withdrawing the earlier communication dated 21st October 2020 issued by the office of Chief Commissioner of Income Tax by which petitioner was informed that they are eligible for resolution of tax disputes under the provisions of the Direct Tax Vivad Se Vishwas Act 2020 (DTVSV Act).
The DTVSV Act has been formulated for resolution of disputed tax and for matters connected therewith or incidental thereto. The DTVSV Act allows the eligible assessees to settle pending disputes on payment of the specified amount based on the percentage of the disputed tax. The objective of the DTVSV Act is to inter alia reduce pending income tax litigation, generate timely revenue for the Government and benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process.
It would be evident that petitioner is charged with having conspired, inter alia, to commit acts of corruption which are punishable under the PC Act and hence, ex facie, there is a shadow of illegality on the money sought to be offered to tax. Thus, petitioner is not eligible under the DTVSV Act.
This Court is of the view that there is no merit in the petition as both the proceedings are cases where prosecution was instituted since in both cases an FIR had been duly lodged. Both cases charge petitioner as having conspired to commit offences under the PC Act, thus casting a shadow on the monies sought to be offered to tax.
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