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2004 (1) TMI 8 - HC - Income TaxTax recovery - In the orders of provisional attachment it was stated that the assessment proceedings against the petitioner were pending for disposal and it was likely that substantial tax liability will be created on completion of the assessment and by the said provisional attachment orders, the aforesaid banks were prohibited and restrained from releasing the maturity proceeds of the fixed deposits and from allowing encashment from the said fixed deposits or any part thereof to any person. Thereafter the Assistant Commissioner passed orders making assessments under section 147/143(3). The said assessments along with notice of demand under section 156 were served on the petitioner - We quash the impugned order of the Assistant Commissioner rejecting the application of the petitioner under sub-section (6) of section 220 and lay down the condition that the petitioner will not withdraw the amount of Rs. 4,71,05,427 kept in fixed deposit and may only operate the current accounts or any other account over and above the said amount till the appeals pending before the Commissioner of Income-tax (Appeals) are disposed of.
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