Rakesh Kumar Jain, J. - (1.) This petition is filed by the Income Tax department under Sec. 560(6) of the Companies Act, (for short, 'the Act 1956') for restoration of the name of the Company (respondent No. 2) to the Register of the Registrar of Companies (respondent No. 1).
(2.) The case set up by the petitioner is that respondent No. 2 was engaged in the business of finance and sale/purchase of land and was assessed to income tax upto the assessment year 1988 -1989. Thereafter, respondent No. 2 stopped filing its returns. A huge demand of tax penalty and interest under the Income Tax Act, 1961(for short, 'the Act, 1961') for different assessment years i.e. from 1975 -1976 to 1987 -1988 was raised by the Assessing Officer against respondent No. 2 to the tune of Rs. 1,62,57,268/ -.
(3.) The Tax Recovery Officer of the Income Tax Department, Ludhiana started the recovery proceedings under Sec. 222 of the Act, 1961 and under the provisions of Second Schedule of the Act, 1961. It is also alleged that there are three appeals pending in this Court bearing RSA No. 4574 of 2011, RSA No. 4578 of 2011 and RSA No. 4579 of 2011 filed on 23.09.2011 by the Tax Recovery Officer -I, Ludhiana. These appeals have arisen from the suits filed by the vendees from respondent No. 2 who entered in the agreement with them for sale of the property without disclosing that the said immovable property was attached by the Tax Recovery Officer of the Income Tax Department for recovery of the tax arrears.;