https://www.taxtmi.com/caselaws?id=325415 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 gives a sick industrial company protection against coercive recovery, so notices under section 226(3) of the Income-tax Act to attach its bank accounts were treated as prima facie inconsistent with that safeguard. The attachment was stayed by interim relief, because continuing it would not advance recovery while preventing operation of the accounts. The revenue's interest was protected by requiring an undertaking from the petitioner to deposit the account balance if the petition ultimately failed. en-us Wed, 09 Mar 2016 00:00:00 +0530 Thu, 17 Mar 2016 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325415 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 gives a sick industrial company protection against coercive recovery, so notices under section 226(3) of the Income-tax Act to attach its bank accounts were treated as prima facie inconsistent with that safeguard. The attachment was stayed by interim relief, because continuing it would not advance recovery while preventing operation of the accounts. The revenue's interest was protected by requiring an undertaking from the petitioner to deposit the account balance if the petition ultimately failed. Case-Laws Income Tax Wed, 09 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325415