https://www.taxtmi.com/caselaws?id=3140 Section 226(3) of the Income-tax Act permits attachment only where money is due or may become due to the assessee from the person served with notice, and that recovery power cannot be used to unilaterally exercise a contractual option belonging to the assessee. Where repurchase or redemption under the investment scheme depended on the holder's own option, the department could not treat the units as payable before that option was exercised. The attachment and sale of the units was therefore unjustified. The assessee was also entitled to restoration of the contractual benefits attached to the units, including redemption value at par and dividend declared during the relevant period. en-us Thu, 11 Oct 2007 00:00:00 +0530 Sun, 22 Dec 2024 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3140 Section 226(3) of the Income-tax Act permits attachment only where money is due or may become due to the assessee from the person served with notice, and that recovery power cannot be used to unilaterally exercise a contractual option belonging to the assessee. Where repurchase or redemption under the investment scheme depended on the holder's own option, the department could not treat the units as payable before that option was exercised. The attachment and sale of the units was therefore unjustified. The assessee was also entitled to restoration of the contractual benefits attached to the units, including redemption value at par and dividend declared during the relevant period. Case-Laws Income Tax Thu, 11 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3140