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2022 (2) TMI 822 - HC - Income TaxRecovery proceedings - Order u/s 115 (O) of the Income Tax Act, 1961 in respect of certain transactions arising out of buy-back and payment of amounts to the persons from the shares were purchased - petitioner submits that although the petitioner has deposited the amounts mentioned above, the continuance of lien over the bank account deposit and the bank guarantee furnished cannot be countenanced in the light of the circular of CBDT issued for the purpose of Section 220 (6) of the Income Tax Act, 1961 vide Ciruclar & Instruction No.1914 dated 20.02.1993 - HELD THAT:- This writ petition is disposed by directing the respondents not to encash the bank guarantee or the amounts lying in deposit pursuant to order of this Court pending further orders by the CIT Appeals. In case, adverse orders are passed and appeal is filed by the petitioner within the time stipulated under the provisions of the Income Tax Act, 1961 total recovery cannot exceed 20% in terms of circular issued under Section 220 (6) of the Income Tax Act, 1961 and excess lying as security shall be refunded back to the petitioner.
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