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2019 (6) TMI 672

ferred to the PD Account of the Respondent which does not carry any interest - delaying the proceedings u/s 153-A - HELD THAT:- The principles laid down by the Hon'ble Supreme Court in the case of KCC Software [2008 (1) TMI 12 - SUPREME COURT] apply to the facts of this case. We are respectfully bound by the said judgment. In our view, the judgment of the Patna High Court in the case of Smt. Bimla Singh [1997 (4) TMI 46 - PATNA HIGH COURT] also assists the case of the Petitioners. We accordingly direct the Respondents to invest the amount realised from those FDs and transferred to the PD Account of the Respondent No.2, in a fixed deposit of a Nationalized bank initially for a period of one year and for like period after obtaining furthe .....

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er No.1 by six officials of the Respondents on 17th October, 2018. The Respondents attached the books of account and documents of the Petitioners and took inventory of cash of ₹ 39,600/- lying at the residence of Petitioner No.1. The Respondent No.5 issued an order under Section 132(3) of the Income Tax Act, 1961 against the Bank Manager of Indian Overseas Bank directing him not to remove, part with or otherwise deal with the contents of all types of accounts including saving bank account, recurring deposit account, fixed deposit accounts, current accounts etc., maintained by the Petitioner No.1, his wife and the partnership firms. 4. On 19th October, 2018, the Indian Overseas Bank informed the Petitioner No.1 about passing of the ord .....

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visions of Settlement Commission under Section 245-C of the Income Tax Act, 1961, the Respondents are delaying the proceedings under Section 153-A of the Income Tax Act, 1961. He submits that the amounts which are wrongly encashed by the Respondents from the FDs of the Petitioners and transferred to the PD Account of the Respondent No.2 does not carry any interest. If the Respondents succeed ultimately in the pending proceedings, the Petitioners would lose the substantial amount of interest which would have earned on the FDs of the Petitioners. He submits that the amount encashed by the Respondents from such FDs thus may be directed to be invested in the fixed deposit which would carry interest. He submits that for the period during which t .....

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'ble Supreme Court in the said judgment has accordingly directed that it would be in the interests of the assessee and the Revenue if the amount transferred to the PD Account of the Commissioner is kept in interest bearing fixed deposit as ultimately in the event the assessee succeeds, he would be entitled to interest as provided in the statute. The Hon'ble Supreme Court in that judgment directed that the assessment has to be completed on or before the time statutorily provided. 11. In our view, the principles laid down by the Hon'ble Supreme Court in the case of KCC Software (supra) apply to the facts of this case. We are respectfully bound by the said judgment. In our view, the judgment of the Patna High Court in the case of S .....

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