TMI Blog2016 (7) TMI 213X X X X Extracts X X X X X X X X Extracts X X X X ..... urpose of roughly estimating the possible tax liability, the same cannot exceed ₹ 25 crores, at least of principal tax. As noted the contention of the counsel for the petitioner that number of immovable properties of the petitioner are unencumbered and free from any charge. Jantri value of such properties runs into several hundred crores of rupees. However, the petitioner company may be in the process of developing, constructing upon or selling such properties as part of its business activities. In view of such facts, the orders of attachment are directed to be lifted upon fulfillment of following conditions: I. The petitioner shall keep immovable properties unencumbered, not creating any charge whose jantri value together sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly. Brief facts are as under. 2. Petitioner is the company registered under the Companies Act and is engaged in the business of reality development. Search action took place in connection of the petitioner between 13.11.2014 to 16.11.2014 resulting into notice under section 153A of the Income Tax Act, 1961 ('the Act' for short) on 30.06.2015. During the search and the return that the petitioner filed in response to the notice, the petitioner had disclosed certain additional income. In this background, the respondent Deputy Commissioner of Income-tax, passed an order on 04.09.2015, attaching various immovable properties of the petitioner mentioned in the said order in exercise of powers under section 281B of the Act. This order wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e entire estimated onmoney receipts of the petitioner by way of its net profit ignoring the fact that only the profit element embalmed in such receipts which can be subjected to tax. 4. On the other hand, learned counsel Shri Bhatt for the department opposed the petition contending that during search operation, several statements were recorded. Incriminating material was collected, primafacie, showing onmoney receipts by the assessee. He submitted that all issues can be gone into at the time of framing of the assessment for the block period. However, at this stage, it can be estimated that the additions could be in excess of ₹ 60.39 crores. It would be too premature to even estimate such additions. However, it cannot be denied that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner shall keep immovable properties unencumbered, not creating any charge whose jantri value together shall not be less than ₹ 25 crores till the assessments pursuant to notice under section 153A are completed. II. The petitioner shall give a list of such properties to the department latest by 05.07.2016 alongwith which, the petitioner shall indicate the current jantry rate with supporting documents. The petitioner shall also file an affidavit stating that such properties are free from any encumbrance and that the petitioner shall not create any charge on such properties till the assessments are completed. III. As soon as this is done, the order of attachment qua rest of the properties shall automatically stand lifted. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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