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2004 (8) TMI 98 - ANDHRA PRADESH HIGH COURTGarnishee Proceedings - What was attached under the impugned notice by the Income-tax Officer was not money, but were the units held by the assessee with the third respondent. These units were transferable units and their value had not become due to the assessee on the day the notice was given. - In any case the redemption value of the units was Rs. 10 per unit after five years, therefore, the petitioner is entitled to face value of Rs. 10 per unit as admittedly five years have passed from the date of investment - In the result, the transfer of units of the petitioner to the UTI by the third respondent is quashed. Since the tax has already been paid, therefore, in the interest of justice, we direct the third respondent to calculate the face value of the units of the petitioner at Rs. 10 per unit and pay the difference to the petitioner. The writ petition is accordingly disposed of.
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