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2015 (9) TMI 751 - ALLAHABAD HIGH COURT

2015 (9) TMI 751 - ALLAHABAD HIGH COURT - TMI - Attachment orders - Liability to release the balance amount after meeting the liabilities - Held that:- Once the provisions of Income Tax Act provide to release the balance assets/amount after satisfying the liability, there is no occasion for the respondents to retain the same under the executive Instructions. Therefore, at this stage, we feel it appropriate to issue direction to the Principal Commissioner of Income Tax (Central Circle), Lucknow t .....

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Income Tax Act, 1961, savings bank account no.1852000300087594 of the petitioner existing at Punjab National Bank, Banthara, Lucknow has been attached and the amount of cash ₹ 1,65,28,000/- available in the bank account has been seized on 25.02.2013. Learned counsel for the petitioner has submitted that under the assessment proceeding, the liability as has been assessed by the Assessing Officer is ₹ 70,28,607/- for different assessment years and accordingly the total demand of ₹ .....

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ioner. The petitioner has also represented to the Commissioner of Income Tax (Central Circle), Lucknow for release of the amount on 15.05.2015 and 18.06.2015 but no attention has been paid on the petitioners' representation. In reply, Mr. Manish Mishra, learned counsel for the Revenue has submitted that Central Board of Direct Taxation (CBDT) has issued instructions, which is numbered as Instruction No. 11/2006 dated 01.12.2006. Under the Instructions, it has been provided that the cash depo .....

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