2015 (6) TMI 327

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..... to the satisfaction of the Commissioner of Income Tax, the Respondent would vacate the attachment of the refund of ₹ 28,79,81,050 done under Section 281-B of the Act. It is made clear that the Petitioners will keep the Bank Guarantee alive till the final disposal of the re-assessment notice dated 16.07.2014 issued for the assessment year 2009-10 and eight weeks thereafter as it is the amount .....

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..... 014 issued under Section 281-B of the Income Tax Act, 1961, (the Act). By the impugned Order, a refund of ₹ 28,79,81,050 Crores granted to the Petitioner for the assessment year 2009-10 by Order dated 17.10.2014 is provisionally attached under Section 281-B of the Act. 3. After hearing the petition for sometime, Mr. Ramani, learned Counsel appearing for the Petitioner, on instructions, st .....

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..... Section 281-B of the Act. It is made clear that the Petitioners will keep the Bank Guarantee alive till the final disposal of the re-assessment notice dated 16.07.2014 issued for the assessment year 2009-10 and eight weeks thereafter as it is the amounts likely to become due on the reassessment that the Revenue is seeking to secure by attachment of the refund. Once the Bank Guarantee in the above .....

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