Is IT dept also eyeing stake in Kingfisher booty?
In an unexpected turn of events, the Income Tax department plans to stake claims on the proceeds from the sale of Kingfisher Airlines' non-core assets.
The Income Tax department is claiming stake on the proceeds from the sale of the non-core assets of debt-ridden Kingfisher Airlines, reports CNBC TV18's Sunanda Jayaseelan.
The IT department plans to step in and recover tax dues from banks and has served a notice to Kingfisher's lead lender, State Bank of India.
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Banks had earlier agreed to sell Kingfisher's non-core assets which include Kingfisher House in Mumbai that earlier served as the airline's headquarters and the Kingfisher Villa in Goa.
The lending banks appointed HDFC and Jones Lang LaSalle, a real estate research firm to value these assets and the sale was to be distributed among the lenders.
More from BusinessHowever Section 281 of IT Act states that no asset transfer can be made without the approval of the IT department and a clearance from an Assessing Officer, or else all payments will be considered void.
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