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INDIA BUSINESS WORLD - November 16th December 31st 2008
SUPREME COURT PULLS UP I-T DEPT FOR LAX PROCEDURES IN KHODAY CASE
The Supreme Court has pulled up the income-tax department for initiating wrong proceedings against Khoday Distilleries over transfer of more than 24 lakh shares to its seven investment companies, which were allegedly formed just to evade tax. A Bench headed by Justice S H Kapadia, while setting aside a decision of the Karnataka High Court, held that the gift tax proceedings should have been initiated against the existing Khoday shareholders, who had renounced their rights, rather than the company itself.
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