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Issues: Whether the provisional attachment of the petitioner's mutual fund units and shares under the Maharashtra Value Added Tax Act, 2002 had ceased to operate after one year, and whether the attachment could continue absent an extension under the statute.
Analysis: The proviso to Section 35(2) of the Maharashtra Value Added Tax Act, 2002 governs the life of a provisional attachment made under Section 35(1). The provision states that such attachment ceases to have effect after one year from the date of service of the order, unless the period is validly extended under the proviso. No extension had been exercised in the present case. The attachment was also treated as a composite attachment against both the company and the petitioner, but the relief was confined to the petitioner's own mutual fund units and shares.
Conclusion: The provisional attachment had ceased to operate by efflux of time and was no longer enforceable against the petitioner's mutual fund units and shares.
Final Conclusion: The petition succeeded to the extent of releasing the petitioner's attached securities, while leaving other statutory contentions and powers of the respondents open.
Ratio Decidendi: A provisional attachment under Section 35(1) of the Maharashtra Value Added Tax Act, 2002 automatically lapses after one year unless its period is validly extended under Section 35(2).
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