I-T Dept slaps Rs 24,500-cr tax notice on PACL

Demand adds to the Rs 57,000-crore dues payable from company's assets on sale

The income tax (I-T) department has raised a massive tax demand of about Rs 24,500 crore on troubled realty-based investment firm PACL (formerly Pearls Agrotech Corp). The revenue demand pertains to a six-year period, from assessment year 2008-09 to 2014-15. 

The I-T department has written to a committee headed by former chief justice R M Lodha to consider this claim “so that the due tax liability of the assessee company can be recovered after the sale/auction of the various properties of M/s PACL Ltd”. The committee has informed the Supreme Court of this tax demand as part of its submissions