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Rajlakshmi Guinea Museum Jewellers Pvt. Ltd. Versus Principal Commissioner of Income Tax & Others

Provisional attachment of bank account u/s 281B - search and seizure activity - even after expiry of period in excess of seven months, department did not take any action - Held that:- since the pre-conditions for invoking Section 281B of the Act of 1961 are absent in the present case, the impugned notices are set aside. Significantly, the petitioner is enjoying an interim order since April 5, 2017. In spite of such interim order, the department has chosen not to initiate the assessment proceedin .....

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206 of 2017 The learned Advocate for the petitioner submits that, the department had issued two notices purportedly under Section 281B of the Income Tax Act, 1961. He refers to Section 281B of the Act of 1961 and submits that, the ingredients necessary for the purpose of invocation of such section, have not been fulfilled in the present case. He submits that, there are no assessment proceedings pending and the Assessing Officer is yet to arrive at a finding that, there is income escaping assessm .....

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