Partial relief granted to unfreeze bank account with Rs. 6 Crores balance frozen under tax appeal rules

Partial relief granted to unfreeze bank account with Rs. 6 Crores balance frozen under tax appeal rules https://www.taxtmi.com/highlights?id=90384 The HC granted partial relief to the petitioner by allowing operation of the frozen bank account, subject to the condition that the existing balance exceeding Rs. 6.00 Crores remain untouched until the CIT(A) disposes of the appeal within six weeks. The petitioner may deposit additional funds and withdraw those amounts for business purposes. The court directed the CIT(A) to expeditiously adjudicate the appeal in accordance with law, balancing the petitioner's operational needs against the Revenue's claim. This interim order preserves the status quo on the substantial existing funds while enabling limited liquidity to prevent business paralysis. en-us Fri, 11 Jul 2025 08:39:49 +0530 Fri, 11 Jul 2025 08:39:56 +0530 TaxTMI RSS Generator Partial relief granted to unfreeze bank account with Rs. 6 Crores balance frozen under tax appeal rules https://www.taxtmi.com/highlights?id=90384 The HC granted partial relief to the petitioner by allowing operation of the frozen bank account, subject to the condition that the existing balance exceeding Rs. 6.00 Crores remain untouched until the CIT(A) disposes of the appeal within six weeks. The petitioner may deposit additional funds and withdraw those amounts for business purposes. The court directed the CIT(A) to expeditiously adjudicate the appeal in accordance with law, balancing the petitioner's operational needs against the Revenue's claim. This interim order preserves the status quo on the substantial existing funds while enabling limited liquidity to prevent business paralysis. Highlights Income Tax Fri, 11 Jul 2025 08:39:49 +0530 https://www.taxtmi.com/highlights?id=90384