Exclusive - Kingfisher- Seven more bank accounts frozen

Neelam Mathews

March 2, 2012

Even as one heard news that Kingfisher had presented its flight schedule to the government, bringing a ray of hope, Aerospace Diary learns seven more accounts have been frozen by the Directorate of Service Tax of Central Board of Excise and Customs.

This now brings total accounts frozen to 44.

One wonders how many more treasures lie locked.

Whispers have started why TDS for two years has not been paid. Just for 2010-11, TDS of Rs 490 crores was collected but not paid entirely. “Tax authorities have got the power to seize the company and put its directors behind bars in such a case of default,” says a tax official to Aerospace Diary. “Instead, notices were served on employees who had paid their TDS which their company did not file! This is India!,” he adds.