Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 518 - HC - Income TaxProvisional attachment of Bank Accounts and properties - undisclosed foreign investment - exercise of powers u/s 132(9B) - search proceedings - case of the petitioner is that he does not have any taxable income. He is a second account holder in bank accounts maintained at U.K. His son is a permanent resident of U.K. who earns sizable income. The balance in the accounts does not belong to the petitioner. The petitioner has inherited sizable funds and properties from which he makes investments - HELD THAT:- Department has virtually prevented the petitioner for accessing his own funds in the bank accounts which would undisputedly cause great difficulty to the petitioner in meeting his day to day expenses, to meet with special requirements for medical attention for himself and his aged mother. While, therefore, without harming the interest of the Revenue, we would like to give limited relief to the petitioner against such action of the Department. Refereeing to valuation report of the Government registered valuer showing the approximate value of these flats at ₹ 10.81 Crores and 6.34 Crores respectively. Going by this valuation, combined value of the flats would be in excess of ₹ 17 Crores. We have also required the petitioner to state that the said immovable properties are unencumbered. Thus while maintaining the attachment of the two immovable properties of the petitioner, his bank accounts can be released from attachment. Even if the Department were to succeed substantially in its present stand, the petitioner’s tax, interest and possible penalty liabilities are unlikely to exceed the valuation of the two immovable properties Attachment of the petitioner’s two immovable properties is not disturbed. The petitioner is prevented from selling, transferring, creating any charge or encumbrances on the said two immovable properties till the present litigation is over or without leave of the Court.
|