Everest Transmissions' Yashpal Kapur seeks compounding provisions

NEW DELHI: The income tax department has received an application for compounding of offences from Yashpal Kapur, MD of Delhi-based Everest Transmissions, a tax official said. Kapur’s name was on list of Indians holding accounts in HSBC-Geneva. Under compounding provisions, the assessee accepts the charges and pays the tax and penalty to buy peace with the authorities. Everest Transmissions is a manufacturer of products such as air blowers and mechanical vacuum boosters.