TMI Blog2014 (8) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... lats have constructed area of 790 sq. mtrs. If we adopt an average price of these flats at ₹ 12 lakhs each, the total value of such flats comes of ₹ 3.96 crores (to be rounded of to ₹ 4 crores). According to the respondents, possible tax and penalty liability could be ₹ 4.58 crores. Bank accounts to be released conditionally - Decided partly in favour of assessee. - SPECIAL CIVIL APPLICATION NO. 4060 of 2014 - - - Dated:- 24-3-2014 - MR. AKIL KURESHI AND MS SONIA GOKANI, JJ. FOR THE PETITIONER : MR SIRAJ R GORI, ADVOCATE FOR THE RESPONDENT : MR JAIMIN GANDHI, AGP ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Petitioner has challenged an order dated 11/02/2014 passed by Commercia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be resorted to reasonably and sparingly. In that context, we have collected information from both sides. What emerges from the record is that, there is admitted liability of approximately of ₹ 50 lakhs of tax by the petitioner. Admittedly, no Returns are filed nor such tax is paid. At least, such amount, the petitioner must deposit with the authorities immediately only then the petitioner can seek any discretionary relief from the Court. 3. The rest of the issues are in the realm of disputes between the parties. The prime dispute pertains to the cost of the land to be deducted from the turnover of sale to arrive at the taxable turnover of the petitioner. The revenue has in its calculations deducted a sum of ₹ 2.14 crores (ro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from any encumbrance and have fully clear and marketable title vesting in the petitioner. ii) The petitioner shall also undertake that such flats shall not be sold, transferred or assigned nor any charge shall be created till the assessment by the respondents is completed. iii) The undertaking shall also include the declaration that a sum of ₹ 50 lakhs will be deposited with the Government authority latest by 25th April 2014. iv) Such undertaking shall be filed by one of the partners of the petitioner latest by 28th March 2014. v) The petitioner shall deposit a sum of ₹ 50 lakhs towards possible tax and penalty liability by 25th April 2014. vi) The petitioner shall also ..... X X X X Extracts X X X X X X X X Extracts X X X X
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