9911796707
TMI Blog2012 (6) TMI 381X X X X Extracts X X X X X X X X Extracts X X X X ..... nst the recovery of the demand made by the 3rd respondent pursuant to the notice dated 15.3.2012 issued under Section 226(3) of the Income Tax Act (for short, 'the Act'). Petitioner is also seeking a direction against the Income Tax Appellate Tribunal to dispose of the appeal pending before it which involves challenge to the withdrawal of registration under Section 12A of the Act. Similar direction is sought against the CIT (Appeals) to dispose the appeal filed against the order passed under Section 143(3) of the Act. 2. The main question that falls for consideration in the matter pending before the CIT (Appeals) is with regard to the interpretation and understanding of the proviso to Section 2(15) of the Act substituted by Finance Act, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the nature of service it discharges as a State Government undertaking, learned Senior Counsel representing the revenue has mad available a copy of the reply dated 27.3.2012 addressed by the Additional Director of Income Tax - the 1st respondent herein to the Managing Director of the KSRTC making it clear that the financial difficulties expressed by the petitioner had been taken into consideration and the petitioner had to atleast pay a sum of rupees five crores by 30.3.2012 over and above the amount already collected during attachment of accounts and that the petitioner shall continue to pay installment of rupees one crore per month from April, 2012 payable by 15th of each month and that subject to these conditions, question of de-freezin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. It is just and appropriate to direct the Corporation to deposit a sum of rupees one crore by 31.3.2012 and thereafter continue to pay a sum of rupees one crore every month on or before 15th of each month. Subject to this condition, freezing of the bank accounts of the corporation shall be lifted and the account shall be de-frozen. 8. If a sum of rupees one crore is deposited by 31.3.2012, the petitioner shall be entitled to operate the bank account in accordance with law. Liberty, has to be reserved in favour of the revenue to initiate fresh proceedings in accordance with law, if these conditions are violated. Petitioner is right in submitting that the Tribunal has to take up the matter and dispose of the same expeditiously. Both partie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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