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NARAYAN REALTY LTD Versus DEPUTY COMMISSIONER OF INCOME TAX

2016 (7) TMI 213 - GUJARAT HIGH COURT

Attachment orders u/s 281B - Assessment u/s 153A in pursuance of Search is pending - estimated tax liability - Held that:- Since the assessment pursuant to the search operations is pending, we would not comment on rival claims of the possible additions that may be made in the total income of the assessee. However, going by the rough formula presented by the revenue and in order to strike a balance between protecting the interest of the revenue and at the same time allowing the petitioner to carr .....

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es. 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 shall not be less than ₹ 25 crores till the assessments pursuant to notice under section 153A ar .....

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operties shall automatically stand lifted. In other words, the petitioner would be free to deal with the rest of the properties. - IV. Jayantibhai Dalsukhbhai Panchal, the director of the petitioner company, who has sworn this petition, shall file an undertaking before this Court latest by 05.07.2016 declaring that whatever the tax with interest and penalty liabilities are ultimately crystallized, company shall pay to the department. - SPECIAL CIVIL APPLICATION NO. 7226 of 2016 - Dated:- 29- .....

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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 .....

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as exercised powers under section 281B of the Act without the conditions precedent for exercise of such powers being satisfied. There is nothing on record to suggest that the Assessing Officer was of the opinion that for the purpose of protecting the interest of the revenue, it is necessary to attach the properties of the petitioner company. There is no such averment in the impugned order, no material to enable the Assessing Officer to come to such a conclusion. In any case, the total jantri val .....

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bring the business activities of the petitioner to a standstill. Counsel submitted that the department seeks to take the 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 collec .....

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re, the respondent authority had passed the orders in exercise of powers under section 281B of the Act. He submitted that the petitioner had not also cooperated with the assessment proceedings. 5. Since the assessment pursuant to the search operations is pending, we would not comment on rival claims of the possible additions that may be made in the total income of the assessee. However, going by the rough formula presented by the revenue and in order to strike a balance between protecting the in .....

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