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2019 (4) TMI 1482 - MADRAS HIGH COURTStay of recovery of the demand - garnishee notices u/s 226 (3) during the pendency of the aforesaid stay application - HELD THAT:- As the stay petition filed by the petitioner are pending before the appellate authority and the assessing officer respectively, the interests of both parties will be protected by directing the petitioner to remit a sum of ₹ 25,00,000/- (Rupees twenty five lakhs only) either by appropriation of the amounts lying to its credit in the South Indian Bank, Triplicane Branch/the third respondent herein or by way of fresh remittance, to the satisfaction of the assessing authority. Upon receipt of proof of remittance of the sum of ₹ 25,00,000/- as directed aforesaid, the order of attachment of the petitioners’ bank account in the South Indian Bank shall stand lifted. The stay application filed by the petitioner, dated 29.01.2019, is pending before the first respondent and the officer is directed to dispose the same within a period of two weeks from today. No further proceedings for recovery shall be taken for a period of three weeks from today.
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