Dear Senior Members
I have one PVT LTD company wherein their is bank balance equivalent to Share Capital and Reserves the directors wish to close down the company and have decided to pay off reserves by declaring Dividend.
My question
1)How to repay the share capital to the share holders.
2)how to close company any other way other than Liquidation.
Thanking you all in advance
Regards
Satish Thakkar
9821416354
Sir,
The assessment for the A Y 2010-11 is in process with the A O (Asstt. Commr. Of Income Tax). The case was almost concluded with all the required submissions and hearings. Suddenly Joint Commr. Of Income Tax started intervening in the case. The hearings thereafter are called for and are conducted in the presence of Joint Commr. Wherein the JC himself questions the assessee but the proceedings are recorded by the A O.
The facts of the case on record alongwith all the evidences. However, the JC has some subjective objections regarding the facts.
Now, the question is in my opinion the action of JC is beyond his powers. I think there are some case law which have substantiated this provision.
The objection was raised before the AO; but he said that he is helpless because he has to obey the JC.
The case is at a stage that there is no issue or new submission required apart from the subjective queries of the JC; who is not considering the facts and the documents related to facts and is just pressing the assessee for acceptance of his opinion.
I had attended several cases but this is first time facing such situation.
Any remedy to this situation?
Thanks
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