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2009 (4) TMI 71 - HC - Income TaxWhether the revised return effaces and substitutes the original return and whether the petitioner could be termed as an assessee in default, on the basis of the original return - Revenue treated the petitioner as an assessee in default and attached the bank accounts and issued garnishee notices – HELD that assessment should be completed within a time frame - In the meantime, the order of attachment of the receivables and the garnishee notices may continue to remain in force, in respect of all the debtors, except the banks - petitioner is permitted to operate the bank accounts and utilise the overdraft facility subject to the condition that there will be a first charge for the Department
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