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2015 (8) TMI 559 - CALCUTTA HIGH COURTDemand ex facie - attachment orders - Although in demand said order the assessee has been asked to pay 50 per cent. of the demand, a mere look at the demand would show that the assessee was asked to deposit 100 per cent. of the demand - Held that:- On a reading of paragraph 10 of the assessment order it shows that a sum of ₹ 26,35,09,093 has been added to the income of the assessee on the ground as this income has been added is that the quantity of the pure gold as declared was mixed with alloy bringing down the proportion of the pure gold in the product from 24 carats to 22 carats. An excess quantity than what was declared was produced and sold in the market for the "added back" amount. This is not quite correct. According to the summary of stock which is annexed to the writ petition at page 177 thereof and is also part of the writ petitioner's audited accounts, the quantity of the gold of 24 carats which was said to have been converted into 22 carats upon addition of alloy was in fact of only 22 carats. It is nobody's case that that particular quantity of the gold was further converted into gold of lesser carat value. The addition made on the said basis is prima facie erroneous. Therefore, writ petitioner has a substantial case to be tried before the Commissioner (Appeals). The petitioner should be relieved of some of the rigours of this attachment by discharging the attachment with regard to the cash credit account of the petitioner with Allahabad Bank, Bowbazar Branch. See K. M. Adam v. ITO [1957 (10) TMI 32 - MADRAS HIGH COURT] which opines that a loan fund cannot said to be a debt of the bank to the customer nor could it be said to be money on account of the customer. Hence, it cannot be attached. - Decided in favour of assessee.
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