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2019 (3) TMI 290 - MADRAS HIGH COURTRecovery proceedings - provisional attachment u/s 281B - directing the petitioner to remit some portion of the disputed dues to sufficiently protect the interests of the revenue - HELD THAT:- As per the Schedule, the impugned provisional attachment covers the property situated at No.1, City Link Road, Adambakkam, Chennai, under the name and style of ‘Shantiniketan Altair’ comprising 414 apartments. 362 apartments have been sold and 52 remained unsold. As against the number of apartments remaining unsold, the petitioner has, as on date, confirmed the sales of nine (9) apartments that are pending registration. The following directions are issued: (i) The petitioner will deposit a sum of ₹ 50,00,000/- (Rupees fifty lakhs only) to the department. (ii) Upon receipt of the sum of ₹ 50,00,000/- as above, the Department will restrict the present attachment under section 281 B to the flats in S.Nos.1 to 20 of the tabulation set out in paragraph 12 above along with the undivided share of land in relation thereto. Upon satisfaction of the above conditions, there shall be no further proceedings for recovery undertaken by the income tax department till the disposal of the petitioners’ first appeal.
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