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2014 (5) TMI 326 - HC - Income TaxValidity of order u/s 281B(1) – Provisional attachment of bank accounts of society – requirement of hearing before passing the order - Held that:- So far as Section 142 (2A) is concerned, the provisions contained therein have been substantially amended and proviso has been added to Section 142 (2A) with effect from 1.6.2007 which provide that no direction for special audit shall be issued without affording reasonable opportunity of hearing to the assessee. - But so far as provision of section 281B is concerned, statute has not yet decided to make provisions of giving reasonable opportunity to the assessee before passing an order under Section 281B of the Act. The assessment has been completed and the liability of Rs. 840 and odd crores has been fastened against the assessee regarding tax during the relevant assessment year though in fact, the amount attached in the Banks is only of Rs. 22 crores and odd, which is very meagre amount - the amount under attachment shall not be appropriated against the demand raised till the period of preferring appeal against the assessment order is expired - the AO has duly discharged its obligation under the statute while passing the order u/s 281B of the Act which has been validly approved by the Commissioner – Decided against Assessee.
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