2002 (10) TMI 52

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... is directed against: (i) the notice, dated October 4, 2002, issued by the Income-tax Officer, Ward 12(2), New Delhi, attaching the bank accounts of the petitioner in the Central Bank of India, Basti, U. P., for recovery of the outstanding demand pending against the petitioner in respect of the assessment year 1999-2000, and (ii) the order dated October 11, 2002, passed by the Commissioner of Inco....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed by the appellate authority, still, on account of huge brought forward losses, the income so computed by the Assessing Officer shall fall short of these losses, meaning thereby that no amount towards tax, etc., shall be payable by the petitioner in respect of the relevant assessment year. Mr. R.D. Jolly, learned senior standing counsel for the respondents, who has put in appearance on advance....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing in mind the fact that after the passing of order dated August 5, 2002, it was only in the second week of October that the petitioner thought of moving the Commissioner (Appeals) as also the jurisdictional Commissioner for stay of the demand, we find it difficult to hold that the action taken by the respondents in attaching the bank accounts of the petitioner is arbitrary or unwarranted. If the....