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2015 (3) TMI 366 - HC - Income TaxRecovery notice - letter issued to the Oriental Bank of Commerce to release an amount of ₹ 1,67,16,160/- (plus interest) payable to the respondent/Income Tax Department pursuant to the assessment completed on 13.03.2014 for Assessment Year (AY) 2011-12 - Held that:- At this stage we cannot express any opinion on the merits of the appeal and/or feasibility of the demand. At the same time, the Court is not oblivious to the circumstance that if any order is made, the assessee/petitioner is likely to suffer irreparable loss. Balancing the hardship, the Court is of the opinion that the respondent should vacate the garnishee order/letter to the extent of 50%, keeping in mind the condition imposed in the letter dated 03.02.2015. The bank is directed to - within next four days ensure that the letter addressed to the bank on 24.02.2015 is withdrawn and a suitable letter directing the payment of half the amount is issued at the same time. Consequently, the assessee and the bank would be at liberty to service the petitioner's account to the extent of the balance. The CIT (Appeals) is directed to hear and consider the matter on the merits and render final decision thereon at the earliest preferably in four months from today. This arrangement shall be applicable till the disposal of the appeal by CIT (Appeals). It is open to the petitioner to deposit the corresponding amount of 50% of the sum (i.e. ₹ 1,67,16,160/-) demanded with the Income Tax Department and seek necessary variation.
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