2021 (4) TMI 1364 - SCH - Income Tax

Validity of seizure / requisition by income tax authority - assessment proceedings initiated by the jurisdictional AO at Kolkata - HELD THAT - By order presently under challenge, the petitioner and others were noticed to appear before the jurisdictional AO on 10.03.2021 at Kolkata and certain other directions were issued in paragraph 8 of the order. In view of these directions, there is no reason to interfere in the matter at this stage. We however direct the concerned respondents to invest the money in question in an interest bearing Fixed Deposit with a nationalized Bank initially for a period of three months with auto - renewal facility. The amount along with interest accrued thereon shall be subject to such orders as may be passed in the proceedings referred to in the order passed by the High Court. The Special Leave Petition is, accordingly, dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition and directed the concerned respondents to invest the money in question in an interest-bearing Fixed Deposit with a nationalized Bank for three months with auto-renewal facility.