Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 524 - HC - Income TaxStay application - AO said that application for stay would only be considered after the 20% of the penalty imposed by the order dated 16th March, 2018 is paid by the petitioner - Assessing Officer attached the petitioner's bank account with HDFC Bank Ltd. - reasons which lead the Revenue to restrict the notice period under Section 156 - Held that:- As amount of ₹ 9.88 lakhs which was withdrawn from the attached HDFC bank account have been deposited by the Assessing Officer in the attached bank account on 31st March, 2018 following consent order is passed i) The impugned order dated 26th March, 2018 passed by respondent no.1 rejecting the petitioner's stay application is set aside; (ii) The Assessing Officer shall in accordance with the decision of this Court in Firoz Tin Factory (2012 (4) TMI 191 - BOMBAY HIGH COURT ) provide the reasons which lead the Revenue to restrict the notice period under Section 156 of the Act to only 7 days instead of the normal 30 days period; (iii) The Assessing Officer will pass a fresh order on the petitioner's stay application after hearing the petitioner in accordance with law and particularly in accordance with the decisions of this Court in KEC International Ltd. (2001 (3) TMI 32 - BOMBAY High Court) and UTI Mutual Funds (2012 (3) TMI 333 - BOMBAY HIGH COURT); (iv) Mr. Mistri, learned Senior Counsel appearing on behalf of the petitioner states that attachment of the Bank Accounts makes it impossible for it to carry on its business. Therefore, on instructions of Ms. Shweta Rau, partner of the petitioner firm states that an amount of ₹ 9,88,068/which is the amount which has been attached will be available in the bank account till such time as the petitioner's stay application is disposed of by the Assessing Officer in accordance with law and for a period of two weeks thereafter. Statement accepted; (v) Needless to state that in case the order of the Assessing Officer on the petitioner's stay application is adverse to the petitioner, then for a period of two weeks thereafter no coercive proceedings for recovery will be adopted by the Revenue. This is enable the petitioner to take such steps as it is advised in law.
|