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News INCOME TAX

  • May 18, 2019
  • CBDT wants shell cos ‘revived’ to collect pending taxes

    Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the Ministry of Corporate Affairs (MCA). But the task is easier said than done, as it would mean the restoration of over 4,000 companies identified by the Central Board of Direct Taxes (CBDT). The CBDT has been holding talks with the MCA over this. A senior MCA official told BusinessLine: “We have requested CBDT to file the restoration application with the National Company Law Tribunal (NCLT). MCA will support their stand.”