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TMI Blog2015 (12) TMI 1476X X X X Extracts X X X X X X X X Extracts X X X X ..... vable property in the form of residential flat and office premises as per the details given in the petitions. 3. The facts stated briefly are that both the petitioners are carrying on business of dealing in cotton in the State of Gujarat as proprietary concerns. The Value Added Tax Department suspected illegal and fraudulent actions of one Sunil Shah, Tax Consultant in connection with which search was carried out at the premises of the petitioners and books of accounts and relevant documents came to be seized. In addition thereto, the respondents attached several bank accounts of the petitioners to the extent of Rs. 50 lakhs each by orders dated 13th October, 2015. The respondents also attached a residential flat situated at Mahavir Flats ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reply filed in each of the petitions to submit that the petitioners are involved in fraudulent transactions to the tune of Rs. 3,50,00,000/- which have been received by way of refund by M/s. Standard Textiles of which Chirag Patwa is an authorised signatory. It was submitted that, therefore, the amount which is likely to be recovered from the petitioners is not merely Rs. 50 lakhs each but would run into Rs. 3,50,00,000/- or more. It was accordingly urged that no case has been made out for releasing the attachment of the bank accounts. 6. Having regard to the submissions advanced by the learned advocates for the respective parties and considering the material which have come on record, a perusal of the impugned notices under section 44 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e submissions advanced by the learned Assistant Government Pleader, this court is of the view that while releasing the attachment of the bank accounts, the petitioners are required to be put to certain terms to maintain a particular balance in the bank accounts. 7. For the foregoing reasons, the petitions succeed and are accordingly allowed to the following extent. While maintaining the order of attachment under section 45 of the Act qua the residential premises and the office premises, the attachment of the bank accounts made by the impugned orders (Annexure 'A' to the petitions) is hereby quashed and set aside. However, the petitioner in Special Civil Application No.17805/2015 shall maintain a balance of Rs. 5,00,000/- (Rupees Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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