Excise matter
nitin jain
(Querist) 17 March 2012
This query is : Resolved
Dear sir,
We have a public limited company.we have lost an excise case in high court worth Rs 1.85 crores.The case has been admitted in supreme court and stay for tax liability is neither granted nor rejected by supreme court.my question is that department can take action u/s 142 ?
Moreover i want to know that if suppose we also loose the case in supreme court than what will be the liabilty of company and directors? As net worth of the company is less than the demanded amount.can they sell directors personal asset also?
please explain me urgently as department is threatening us to take action under section 142 for detaining goods belonging to company.
thanx
ajay sethi
(Expert) 17 March 2012
company can afford legal fees. take opinion from your lawyer