2016 (9) TMI 1039

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....Tax Recovery Officer, Ahmedabad. 2. Brief facts are as under: The petitioner- M/s. N.K.Industries Ltd. had entered into agreement with one M/s. Banpal Oil Chem Pvt. Ltd on 02.09.2011 for assignment of lease and sale of factory premises situated at Plot No. 144/64, 144/65 and 144/66, GIDC, Chandisar, Palanpur admeasuring land area of 23146.64 sq.mtrs alongwith factory building constructed thereon and the entire plant and machinery situated. The sale consideration indicated was Rs. 11.11 crores. Under such agreement, M/s. N.K.Industries Ltd. had paid a sum of Rs. 10.75 crores (rounded off) to M/s. Banpal Oil Chem Pvt. Ltd. Later on, multiple issues arose between the parties due to which, the sale deed could not be executed. The case of ....

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.... deposited by M/s. N.K.Industries Ltd. pursuant to the order of the learned Single Judge to verify its bona fides. This was on the basis that M/s. Banpal Oil Chem Pvt. Ltd was a tax defaulter and any amount payable to M/s. Banpal Oil Chem Pvt. Ltd could be claimed directly under section 226(3) of the Income Tax Act. The learned Single Judge, however, observed that the amount is deposited only to ascertain the bona fides of M/s. N.K.Industries Ltd. and ultimately, in the suit for specific performance, such amount becomes payable to M/s. Banpal Oil Chem Pvt. Ltd the department could seek recovery thereof. 5. By the impugned order, the Tax Recovery Officer has called upon the petitioner M/s. N.K.Industries Ltd. to pay a sum of Rs. 1.13 cror....

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....11 from party of part 1 and the same is outstanding as an advance against sale of assets. 2. Party of part 2 acknowledges and confirms having received a total sum of Rs. 178.00 lacs from associate company of part 1 namely N. K.Proteins Ltd. On four different occasions as detailed in annexure A to this agreement and the same is still outstanding as an advance against sale of assets. 3. Party of part 2 acknowledge and confirm that a sum of Rs. 28,78,636/- payable by its associate to party of part 1/its associates have been acknowledged as an advance received from party of part 1 against sale of assets. Annexure A to this agreement provides details of sums received by party of part 2 from party of part 1 and/or its associates....