TMI Blog2024 (1) TMI 166X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner, a stay application was filed by the petitioner to lift the attachment order on 10.02.2022 and the same has not been disposed of by the respondent till date - HELD THAT:- Department had already collected around 30% of the tax liability. In terms of the provisions of the Act, if 20% of the tax liability is paid to the Department, the Assessee will be automatically entitled for stay of recovery proceedings, which were initiated against him. When such being the case, since the petitioner had remitted around a sum of Rs. 62,00,000/-, which comes around 30% of the tax liability, the continuation of bank attachment will prejudicially affect the interest of the petitioner. Hence, this Court is inclined to lift the bank attachment is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner would submit that the respondent had passed the assessment order for the assessment year 2015-16 on 28.12.2017, wherein they had quantified the tax liability as a sum of Rs. 1,76,92,890/-. Thereafter, they passed the assessment order for the assessment year 2021-22 on 30.11.2023, wherein they quantified the the tax liability as a sum of Rs. 37,15,329/-. 4. Further, he would submit that so far the respondent had collected around a sum of Rs. 62,00,000/- from the petitioner, which would be around 30% of the total tax liability of the petitioner pertaining to the assessment years 2015-16 and 2021-22. As per the provisions of the Act, once the petitioner paid 20% of the tax liability, the recovery proceedings pertaining to the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Department, the Assessee will be automatically entitled for stay of recovery proceedings, which were initiated against him. When such being the case, since the petitioner had remitted around a sum of Rs. 62,00,000/-, which comes around 30% of the tax liability, the continuation of bank attachment will prejudicially affect the interest of the petitioner. Hence, this Court is inclined to lift the bank attachment issued against the petitioner. Accordingly, the bank attachment issued by the respondent stands lifted. Further, the respondent is directed to dispose of the stay application filed by the petitioner by taking into consideration of the payment of 30% of the tax liability made by the petitioner. 8. Further, it appears that the impu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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