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The HC accepted the Petitioner's undertaking that the cumulative funds in the attached bank accounts (approximately Rs. 10,00,000) will not be withdrawn or otherwise dealt with and treated counsel's statement as a binding undertaking to the Court; the undertaking must be strictly complied with. The Court observed that continued attachment would cause disproportionate prejudice by preventing receipt and use of remittances for operational needs (e.g., employee payments) without benefit to the Respondent. Having recorded and accepted the undertaking, the HC disposed of the petition on that basis, subject to enforcement of the undertaking and any future application for variation or recall.
The HC accepted the Petitioner's undertaking that the cumulative funds in the attached bank accounts (approximately Rs. 10,00,000) will not be withdrawn or otherwise dealt with and treated counsel's statement as a binding undertaking to the Court; the undertaking must be strictly complied with. The Court observed that continued attachment would cause disproportionate prejudice by preventing receipt and use of remittances for operational needs (e.g., employee payments) without benefit to the Respondent. Having recorded and accepted the undertaking, the HC disposed of the petition on that basis, subject to enforcement of the undertaking and any future application for variation or recall.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
