https://www.taxtmi.com/caselaws?id=236583 The court quashed the notice demanding payment within 7 days instead of the statutory 30 days under Section 156 of the Income Tax Act. It directed the Revenue to refund the amount of Rs. 1,39,70,275 to the petitioner within two weeks, emphasizing that the actions of the Assessing Officer were arbitrary and not in compliance with statutory provisions. The court highlighted that the petitioner's past compliance and financial stability did not justify the reduction of the payment period or the arbitrary recovery of funds from the petitioner's bank account. en-us Mon, 17 Jun 2013 00:00:00 +0530 Mon, 03 Feb 2014 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236583 The court quashed the notice demanding payment within 7 days instead of the statutory 30 days under Section 156 of the Income Tax Act. It directed the Revenue to refund the amount of Rs. 1,39,70,275 to the petitioner within two weeks, emphasizing that the actions of the Assessing Officer were arbitrary and not in compliance with statutory provisions. The court highlighted that the petitioner's past compliance and financial stability did not justify the reduction of the payment period or the arbitrary recovery of funds from the petitioner's bank account. Case-Laws Income Tax Mon, 17 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236583