2017 (10) TMI 1099

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hi, Mr. Arta Trana Panda, Ms. Gargi Sethee, Advocates For the Respondents : Through: Mr. Rahul Kaushik, Senior Standing Counsel for the Income Tax Department ORDER CM APPL. 37152/2017 (stay) 1. The prayer in this application is for the lifting of the attachment of one of the three bank accounts of the Petitioner that have been frozen to recover the disputed amount of Rs. 12,73,45,161/-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....red by SFAL is the very sum that is sought to be recovered as tax from the Petitioner. It is pointed out that the outcome of the proceedings before the ITSC will decide whether the said tax would be recovered from SFAL or the Petitioner. 3. It is in the above context that the Petitioner has also, on its own, deposited a further 15% of the demand for AY 2013-14 in the sum of Rs. 77,81,680/- on 1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eady available with the Revenue, i.e. Rs. 2,26,96,074/-, is nearly 20% of the demand. 5. In the above facts and circumstances, this Court is of the view that of the three bank accounts of the Petitioner that remain frozen, the Petitioner should be allowed to operate at least one. 6. It is pointed out by Mr. Syali, the learned Senior Counsel appearing for the Petitioner, that the only account....