2015 (3) TMI 104

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....dent not to enforce the demand for the assessment year 2010-2011 in terms of demand notice dated 20.03.2014, pending disposal of the appeal filed against the Assessment Order dated 20.03.2014 before the second respondent. 2.The petitioner, a Private Limited Company registered under the Companies Act, 1956.  As an assessee, the petitioner has filed its return for the assessment year 2010-2011 which is in question. The third respondent issued a show cause notice dated 10.03.2014 to the petitioner, for which  a reply was sent  on 13.03.2014 by the petitioner.  The authority has passed an Assessment Order confirming the assessment in the show cause notice and they have also made a demand notice on 20.03.2014, directing th....

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....ipt of  that communication, giving a go bye to the impugned order, the entire amount originally assessed,  which was over and above Rs. 10 crores was attached by the respondents.  The contention of the petitioner is that the petitioner has approached before this Court, challenging the impugned order on various grounds and the filing of the writ petition has been intimated to the Authority concerned and the Authority should have waited for the hearing of the matter and should not have attached the entire amount of over Rs. 10 crores.  Learned counsel for the petitioner has further contended that no opportunity was given to the petitioner before attaching the entire amount and when the authority took more than 7 years to c....

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....low moving items entirely based on an inapplicable ruling in the case of North Arcot District Co.operative Supply & Marketing Society Ltd., vs. CIT.  In that case, there was a deficit of stock at the year end and the assessee  created a reserve for the same, while at the same time showing the stock at original level in the books of accounts.  The assessee therein created reserves for the deficit in stock without writing off the stock in the books, although there was a deficit in the stock and the stock never existed to that extent. 8. In the present case on hand, being an Electronics Industry, certain items become obsolete and the petitioner has to make necessary provision to write down the value of  such items in the....