2012 (11) TMI 14

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.... ADV. SRI. P.K.R. MENON, SR. COUNSEL, GOI (TAXES) BY ADV. SRI. JOSE JOSEPH, SC, INCOME TAX   JUDGMENT Heard the learned counsel for the petitioner and also the learned standing counsel appearing for the respondents. 2. Petitioner is a private limited company engaged in real estate development. For the assessment year 2008-09, Ext.P1 order was passed by the 1st respondent fastening liab....

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....onse to Ext.P7 and therefore they made Ext.P8 reiterating the request for lifting the attachment but however offering the property having an extent of 98.664 cents comprised in R.S.Nos.303/5, 303/6, 303/7, 303/8 and 303/9 covered by document No.4044/07 and situated in Thengode, Kakkanad as alternate security. Petitioner also pointed out that according to them, the value of the property is more tha....

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....s case although the valuation of the property mentioned in Ext.P8 has not been done by any external agency, still going by the statements contained in Ext.P8, the property mentioned therein is worth Rs.2.95 crores. Therefore, there is no reason to continue the attachment covered by Ext.P6 once the petitioner furnishes adequate security to take care of the interest of the respondents. With this in ....