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2023 (8) TMI 464 - BOMBAY HIGH COURTProvisional attachment of transaction of shares - request to share the depository account/s held by the petitioner and the KYC details relating to PAN as enlisted in the said letter and freeze the transactions of shares - time limitation - HELD THAT:- There are substance in the contention as urged on behalf of the petitioner, insofar as the effect of provisions of sub-section (2) of Section 35 of the MVAT Act would have in regard to the fact situation and the legality of the impugned attachment dated 11 April 2022 is concerned, after the expiry of a period of one year. Sub-section (2) of Section 35 clearly provides that the provisional attachment as made under sub-section (1) of Section 35 shall cease to have effect after expiry of a period of one year from the date of service of the order issued under sub-Section (1). However, the power under proviso to sub-section (2) to extend the period for one year, has not been exercised. In this view of the matter, certainly the attachment has ceased to have effect by operation of law after 12 April 2023. The petitioner would be correct in praying for the reliefs - Petition allowed.
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