Income tax department

Y Singh N Rajput (Querist) 21 November 2014 This query is : Resolved
For non-payment of dues Income Tax Department took possession of the assets of a public limited company. The put public notice inviting tender a number times but could not sell the assets as the Department was not getting floor price.
The watchman placed belongs to the Company.

Can the Company do business form the premises?

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Devajyoti Barman (Expert) 21 November 2014
Yes as long as there is no such restraint order from any court or Tribunal.

Y Singh N Rajput (Querist) 21 November 2014
Sorry I could have word 'unofficial' added to the business.

As per balance sheet the Company is dormant for several years.

The rent accrued by subletting the premises will go in the pockets of Directors.

ajay sethi (Expert) 21 November 2014
if premises are in possession of income tax dept how can you sub let the premises

Rajendra K Goyal (Expert) 21 November 2014
The premises is taken over by the Income tax department, for letting out their permission is required.

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