https://www.taxtmi.com/caselaws?id=446454 The HC quashed the fourth provisional attachment order u/s 281B of the Income Tax Act, finding it was issued mechanically without valid reasons. The court held that repeated attachment orders on properties mortgaged to banks (first charge holders) would prevent the petitioner from obtaining working capital loans, affecting business operations and 5000 employees. The court directed the petitioner to file a modification application within one week, and ordered the IT Department to consider lifting the attachment to allow working capital facilities while ensuring funds are used only for business purposes. en-us Tue, 28 Nov 2023 00:00:00 +0530 Mon, 03 Mar 2025 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446454 The HC quashed the fourth provisional attachment order u/s 281B of the Income Tax Act, finding it was issued mechanically without valid reasons. The court held that repeated attachment orders on properties mortgaged to banks (first charge holders) would prevent the petitioner from obtaining working capital loans, affecting business operations and 5000 employees. The court directed the petitioner to file a modification application within one week, and ordered the IT Department to consider lifting the attachment to allow working capital facilities while ensuring funds are used only for business purposes. Case-Laws Income Tax Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446454