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Supreme Court orders reopening of books of account of IL&FS and its group Cos.

June 7, 2019[2019] 106 taxmann.com 76 (SC)

CL : Where NCLT had allowed application preferred by Central Government under section 130(1) and (2) and had permitted re-casting and reopening of accounts of IL&FS and group companies for last five years and said order was upheld by NCLAT as management of IL&FS and other group company/companies were responsible for negligence and incompetence, and had falsely presented a rosy financial statement, it was held that there was no reason to interfere with impugned order passed by Tribunal under section 130 for reopening of books of account and re-casting financial statements of IL&FS and IL&FS Transport group companies for last five years, viz. from Financial Year 2012-13 - to Financial Year 2017-18

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