VEDANTA LIMITED Vs. ASST COMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Rule, returnable forthwith. The Respondents waive service. By consent, taken up for hearing and final disposal forthwith.

(2.) The petition is directed against an order dated 24th March 2017 of the Assistant Commissioner of Income Tax, Circle 1(1), Panaji. By this order the ACIT, Respondent No.1, rejected the Petitioner's application for permission under Section 281 of the Income Tax Act, 1961.

(3.) We have heard learned Counsel for the Petitioner and the Revenue. Mr. Pardiwala for the Petitioner has drawn our attention to the provisions of Section 281. It is clear that this is a section that is meant to protect the interest of the Revenue, and, specifically to guard against fraudulent transfers designed to defeat recovery by the revenue. There are almost exactly parallel provisions in the Companies Act. Section 281 of the Income Tax Act reads thus :