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2015 (11) TMI 1696 - HC - Income TaxReview petition - provisional attachment of bank accounts u/s 281B - Held that:- Consequent to the order dated 20th November, 2015 passed in the Review Petition, the four Stand By Letters of Credit (SLBC) have been extended till 1st June, 2016 by respondent no.5 Bank at the instance of respondent no.6 i.e. Jaiprakash Associates Ltd. The subject four SBLCs have been extended until 1st June 2016. The undertaking of Jaiprakash Associates Limited, recorded in order dated 20th November, 2015 i.e. that the SBLCs will continue to be extended and / or replaced from time to time, for a period of six months each, has become operative forthwith, such that will secure the validity of the four SBLCs (including any extension or replacement thereof) for a period of eight clear weeks after disposal of the pending applications before the Authority for Advance Rulings instituted by the Review Petitioner – Formula One World Championship (FOWC) and respondent no.6 Jaiprakash Associates Ltd. The provisional attachment of the four SLBCs by the Revenue under Section 281B of the Income Tax Act, 1961 (first done by communication dated 10th March, 2014) would continue to encumber the four SLBCs as renewed and / or replaced. This attachment of the four SLBCs as renewed and / or replaced will continue till such time as the Authority for Advance Ruling Rules on the pending application of FOWC and M/s. Jaiprakash Associates and for further period of eight weeks from the Ruling of the Authority for Advance Ruling.
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