https://www.taxtmi.com/caselaws?id=10963 The court found the attachment proceedings under section 226(3) of the Income-tax Act invalid as the units were not money due at the time of notice. The sale of units without consent was deemed unauthorized and not in line with the Act. The court clarified that the attachment of a debt requires the money to be due, which was not the case with transferable units. The redemption value of the units was set at Rs. 10 per unit, directing the third respondent to pay the difference to the petitioner. The writ petition was disposed of in the interest of justice without costs. en-us Fri, 27 Aug 2004 00:00:00 +0530 Tue, 28 Jul 2009 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10963 The court found the attachment proceedings under section 226(3) of the Income-tax Act invalid as the units were not money due at the time of notice. The sale of units without consent was deemed unauthorized and not in line with the Act. The court clarified that the attachment of a debt requires the money to be due, which was not the case with transferable units. The redemption value of the units was set at Rs. 10 per unit, directing the third respondent to pay the difference to the petitioner. The writ petition was disposed of in the interest of justice without costs. Case-Laws Income Tax Fri, 27 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10963