TMI Blog2015 (5) TMI 1039X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the refund of ₹ 105,95,04,390/- done under Section 281B of the Act. The Bank Guarantee furnished by the petitioner will be kept alive till the final disposal of the reassessment notices for the Assessment year 2008-2009 to 2011-2012 and for eight weeks thereafter. Once the Bank Guarantee in the above terms is furnished to the satisfaction of the Commissioner of Income Tax, Panaji, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tax Act, 1961. The first of the three impugned orders dated 19/12/2014 seeks to attach a refund of ₹ 29,01,56,762/- due to the petitioner for the Assessment year 2007-2008. The second of these impugned order dated 19/12/2014 seeks to attach refund of ₹ 51,30,88,859/- due to the petitioner for the year 2008-09 and the third of the impugned order dated 19/12/2014 seeks to attach r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anction on 12/12/2014 also obtained, from the Commissioner to the attachment of refunds due to the petitioner, yet the same was not pointed out either to the petitioner or to the Court. This issue could have otherwise been resolved at that time itself. 6. We find that the petitioner is justified in making a grievance with regard to the Respondents/Revenue's failure to disclose all facts i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings for the assessment year 2008-09 to 2011 -2012 are passed, they were willing to replace the security by making available immovable properties free from encumbrances for attachment by the Revenue. However, thereafter the petitioner submitted that they would secure the Revenue by a Bank Guarantee for 100% of the refund attached i.e. ₹ 105,95,04,390/- 8. Mrs. Asha Desai, learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
