https://www.taxtmi.com/caselaws?id=329467 The court ruled in favor of the petitioner, setting aside the notice of attachment issued under Section 226(3) of the Income Tax Act. It held that accounts like cash credit or term loan accounts cannot be attached for tax recovery purposes. The court emphasized the need for money to be due or becoming due to the assessee for recovery actions. Referring to precedents, including decisions from various High Courts, the court concluded that the attachment of bank accounts, especially cash credit accounts, for unpaid taxes was not sustainable under the relevant provision. en-us Mon, 27 Jun 2016 00:00:00 +0530 Fri, 01 Jul 2016 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329467 The court ruled in favor of the petitioner, setting aside the notice of attachment issued under Section 226(3) of the Income Tax Act. It held that accounts like cash credit or term loan accounts cannot be attached for tax recovery purposes. The court emphasized the need for money to be due or becoming due to the assessee for recovery actions. Referring to precedents, including decisions from various High Courts, the court concluded that the attachment of bank accounts, especially cash credit accounts, for unpaid taxes was not sustainable under the relevant provision. Case-Laws Income Tax Mon, 27 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329467