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2015 (6) TMI 327 - HC - Income TaxAttachment of the refund done under Section 281-B - Held that:- Petitioners furnishing a Bank Guarantee of a Nationalised Bank for an amount of ₹ 28,79,81,050 to the satisfaction of the Commissioner of Income Tax, the Respondent would vacate the attachment of the refund of ₹ 28,79,81,050 done under Section 281-B of the Act. It is made clear that the Petitioners will keep the Bank Guarantee alive till the final disposal of the re-assessment notice dated 16.07.2014 issued for the assessment year 2009-10 and eight weeks thereafter as it is the amounts likely to become due on the reassessment that the Revenue is seeking to secure by attachment of the refund. Once the Bank Guarantee in the above terms is furnished to the satisfaction of the Commissioner of Income Tax, Panaji, the Respondent-Revenue will hand over to refund of ₹ 28,79,81,050/- to the Petitioners within one week thereafter.
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