Mr. Amit Sharma, Advocate
Heard on : 07.04.2025, 08.04.2025, 10.04.2025,
17.04.2025 & 21.04.2025
Judgment on : 21st April, 2025
RAJA BASU CHOWDHURY, J:
1. Challenging the orders passed under Section 264 of the Income Tax Act,
1961 (hereinafter referred to as ‘the said Act’) in respect of the
assessment years 2016-2017, 2017-18 and 2018-19 all dated 29th
March 2021, the instant writ petitions have been filed. To consider the
scope of the challenge, it is necessary to note down the facts giving rise
to the same.
2. It is the petitioner’s case that while he was Vice-Chairman and
Managing Director of Hindustan National Glass and Industries
Limited (hereinafter referred to as the “said Company”) which is a
public company and an existing company within the meaning of
Companies Act, 2013 (hereinafter referred to as ‘the Companies Act’)
by a special resolution of the members of the company passed on 30 th
March, 2015, the petitioner was reappointed as the Vice-Chairman
and Managing Director of the said company for a period of three
years w.e.f. 1st April, 2015 at a salary of Rs.16,67,500/- per month
with an annual increment with the limit of 15% of the salary last
drawn subject to the condition that such increase is in compliance
with the provisions of Sections 196, 197, 203 read with Schedule V
and other applicable provision of the Companies Act.
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