Bangalore: The Income Tax department has attached all assets of cash-strapped Kingfisher Airlines for failing to remit taxes amounting to Rs.350 crore, a senior official said Sunday.
"We have attached all assets of Kingfisher Airlines and are in the process of recovering its dues by sale and attachment of properties of the defaulter company," IT official Lokesha said in a statement here.
The defunct airline of business tycoon Vijay Mallya had deducted tax at source from its employees' salaries and other payments for assessment years 2010-11 and 2011-12, but failed to remit the amount to the government account.
"Kingfisher House at Western Express Highway near the Mumbai domestic airport has been attached under the second schedule of the Income Tax Act, 1961," Lokesha said.
The Income Tax department also charged the airline with failing to honour the Karnataka High Court directive Dec 5, 2012, to pay 50 percent of the demand and furnish bank guarantee for the balance amount within six weeks.
15/12/13 IANS/Business Standard
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"We have attached all assets of Kingfisher Airlines and are in the process of recovering its dues by sale and attachment of properties of the defaulter company," IT official Lokesha said in a statement here.
The defunct airline of business tycoon Vijay Mallya had deducted tax at source from its employees' salaries and other payments for assessment years 2010-11 and 2011-12, but failed to remit the amount to the government account.
"Kingfisher House at Western Express Highway near the Mumbai domestic airport has been attached under the second schedule of the Income Tax Act, 1961," Lokesha said.
The Income Tax department also charged the airline with failing to honour the Karnataka High Court directive Dec 5, 2012, to pay 50 percent of the demand and furnish bank guarantee for the balance amount within six weeks.
15/12/13 IANS/Business Standard
