https://www.taxtmi.com/caselaws?id=329615 The Court ordered the lifting of attachment orders on immovable properties imposed under section 281B of the Income Tax Act, 1961, upon the petitioner meeting specified conditions. Despite potential tax liabilities estimated at over Rs. 60 crores, the principal tax liability was capped at Rs. 25 crores to balance revenue interests and allow the petitioner to continue business operations. The Court required the petitioner to maintain unencumbered properties worth at least Rs. 25 crores, provide property lists, confirm absence of encumbrances, and submit an affidavit on tax liabilities, ensuring a balance between revenue protection and business continuity. en-us Wed, 29 Jun 2016 00:00:00 +0530 Wed, 06 Jul 2016 03:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329615 The Court ordered the lifting of attachment orders on immovable properties imposed under section 281B of the Income Tax Act, 1961, upon the petitioner meeting specified conditions. Despite potential tax liabilities estimated at over Rs. 60 crores, the principal tax liability was capped at Rs. 25 crores to balance revenue interests and allow the petitioner to continue business operations. The Court required the petitioner to maintain unencumbered properties worth at least Rs. 25 crores, provide property lists, confirm absence of encumbrances, and submit an affidavit on tax liabilities, ensuring a balance between revenue protection and business continuity. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329615