TMI Blog2019 (1) TMI 1025X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the petitioner with the Axis Bank. This court in Kaneria Granito Ltd. v. Assistant Commissioner of Income Tax [2016 (7) TMI 65 - GUJARAT HIGH COURT] has categorically held that a cash credit account would be in the nature of borrowing by the assessee from the bank, and that the bank and the assessee, therefore, do not have the debtor-creditor relationship. Under the circumstances, when no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the petitioner has invited the attention of the court to the additional affidavit filed on behalf of the petitioner, to submit that the respondent vide notice dated 29.10.2018 has attached all the bank accounts of the petitioner, including a cash credit account which is maintained with the Axis Bank, Navagam Branch being Account No.918030020580275. 2. Reference was made to the decision of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned notice of attachment. It was submitted that therefore, the respondent was not justified in attaching the cash credit account of the petitioner in exercise of powers under section 45(7) of the Gujarat Value Added Tax Act, 2003. Various other submissions have been advanced by the learned advocate for the petitioner, however, for the purpose of granting interim relief at this stage, it is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... court has considered the request only qua the cash credit account bearing No.918030020580275 maintained by the petitioner with the Axis Bank. 5. This court in Kaneria Granito Ltd. v. Assistant Commissioner of Income Tax (supra) has categorically held that a cash credit account would be in the nature of borrowing by the assessee from the bank, and that the bank and the assessee, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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