TaxTMI 
TaxTMI 
2004 (12) TMI 342
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....mmission, two properties of the non-applicant/respondent aforementioned situated in Chakkar, District Shimla, and Darlaghat, District Solan, were put to auction somewhere in the year 2001-02. The proceeds from the auction of the said two properties amounting to Rs. 60,00,000 odd after realisation have been deposited in different amounts by staggering the same in various banks. Before the executions in question could be disposed of, a winding-up petition under the Companies Act (C.P. No. 6 of 2001) was filed in the High Court of Himachal Pradesh, Shimla, and by an interim order dated 4-4-2002, the learned Company Judge issued a direction not to release/disburse any amount to any person realised by this Commission on the auction of the proper....
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....applicant under section 226(4) read with Schedule 2 Rule 31 of the Income-tax Act for release of an amount of Rs. 31,02,200 on account of arrears of tax and in pursuance of Recovery Certificate issued in this behalf. 3. We have heard the learned Counsel for the applicant-Tax Recovery Officer, Shimla Range, at length who has relied on various provisions of the Income-tax Act, namely, sections 222(2), 224 and 226, sub-sections (3) and (4) respectively. He has also placed reliance on two decisions of the Supreme Court in Union of India v. Somasundram Mills (P.) Ltd. [1985] 152 ITR 420 and Lakshman Swarup Om Prakash v. Union of India [1998] 229 ITR 662 4. At this stage, it would be pertinent to mention that during the pendency of consideratio....
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....aked their claim for piece of the cake. 6. Secondly, the realisation of the aforementioned amount and lying in deposit for the benefit of the consumers, who were duped by the Himachal Gramin Sanchayaka Ltd. professing to be a non-banking Finance Company and alluring them by painting a rosy picture of doubling their investments in record time, and thereafter like Houdini doing the disappearing act, means that if the prayer of the present applicant is allowed and more than half of the deposited amount is released to the Income-tax Department for recovery of tax arrears, the consumers before us as decree holders would be back to square one and left high and dry in the process. 7. In view of the above two reasons, it would be stretching the i....