TaxTMI 
TaxTMI 
2019 (3) TMI 289
X X X X Extracts X X X X
X X X X Extracts X X X X
.... date challenging the same, despite there being no interim order of stay passed by this Court. 3. Various challenges have been raised to the additions made in the impugned assessment order. The main ground of challenge relates to an addition made under the head 'unaccounted sales of unaccounted production of dairy products'. Mr.R.Vijayaragavan, learned counsel appearing for the petitioner submits that that the aforesaid addition, quantified at a figure of Rs. 103,36,13,286/- has been made without issuance of a show cause notice and without reference to the detailed submissions advanced by the assessee in that regard. He points out to errors in the methodology adopted for computation that I am not inclined to go into insofar as th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....No.1865/2019 along with stay petition in WMP No.2066/2019 are filed before the Hon'ble Court of Madras against the above assessment order and came up for hearing on 24.01.2019. Our legal counsel's communication on the status of Writ Petition and Stay petition which explains the current position is enclosed as Annexure-1 for your kind consideration. 3. As the aforementioned writ & stay petitions are heard and pending before the Hon'ble High Court of Madras, the petitioner most humbly prays that this respectful authority may not to treat the petitioner as assessee-in-default and be pleased to keep the collection proceedings on the demanded tax amount of Rs. 70,06,02,535/- in abeyance until the disposal of writ & stay peti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tter failing which recovery proceeding will be initiated as provision of I.T.Act' 6. Consequent to the above, learned counsel for the assessee states that all bank accounts of the assessee, in ICICI Bank, IDBI, Federal Bank, State Bank of India and Punjab National Bank have been attached on 12.02.2019 vide orders of attachment passed under section 226(3) of the Act. According to him, the petitioner does not have any means of doing business and the attachment of the bank accounts has brought its business to a grinding halt. Mr.Vijayaraghavan thus prays that some interim protection be granted in so far as recovery is concerned, particularly since the returns of income in respect of the later assessment provide for a substantial refund ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....peal to the first appellate authority under Section 246 of the Act. In the present case, admittedly, an appeal is yet to be filed. Learned counsel for the petitioner however, states on instructions that the petitioner proposes to challenge the impugned order of assessment forthwith and has not done so till date only on account of the pendency of this writ petition. 10. In the facts and circumstances as I have noted above, this Court has proposed a via media as far as recovery is concerned, bearing in mind the interests of both parties. It was suggested that the petitioner remit a sum of Rs. 5,00,00,000/- to the Income tax Department upon receipt of which the assessing officer will lift the attachments on three bank accounts of the petiti....