TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>CIT(A) must decide appeal within six weeks after Revenue froze bank account containing Rs. 6 crores</h1> <h3>Upaj Leasing And Finance Company Pvt. Ltd. Versus ACIT Circle 27 (1) & Ors.</h3> Upaj Leasing And Finance Company Pvt. Ltd. Versus ACIT Circle 27 (1) & Ors. - TMI The Delhi High Court, through Justices Vibhu Bakhrru and Tejas Karia, addressed a petition seeking a stay on the demand of Rs. 61,65,63,033/- for AY 2016-17 pending appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. The petitioner's income was assessed at Rs. 1,34,27,45,710/-, significantly higher than the declared Rs. 13,63,530/-, which the petitioner contended was 'high-pitched and otherwise unsustainable.' Despite filing an appeal in January 2019, the appeal remained undecided for over six years, during which the Revenue recovered Rs. 3,63,81,798/- by adjusting refunds and froze the petitioner's bank account, halting business operations.The Court directed the CIT(A) to decide the appeal 'in accordance with law as expeditiously as possible and in any event within a period of six weeks.' Meanwhile, the petitioner was permitted to operate the bank account but prohibited from withdrawing the existing balance (over Rs. 6 crores) until the appeal's disposal. The petitioner could, however, deposit and withdraw new sums for business purposes. The Court clarified that if the petitioner fails in the appeal, the Revenue's freeze on the bank account would be reinstated. The petition was disposed of accordingly.
TaxTMI 
TaxTMI 
