2019 (5) TMI 695

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... petitioner and Mr.A.P.Srinivas, learned Senior Standing Counsel for the respondents, this Writ Petition is disposed of finally at the stage of admission. 3. The challenge in this Writ Petition is to the order of the 1st respondent dated 07.03.2019 and consequent coercive recovery proceedings by the Income Tax Department by attachment of eleven (11) bank accounts held by the petitioner group of Institutions as well as all Fixed Deposits maintained by the Institutions in the Corporation Bank, Paramathy Road, Namakkal. The coercive recovery is consequent upon a demand of a sum of Rs. 32,59,94,019/- arising from order of assessment for Assessment Year 2017-18. 4. The petitioner has challenged the aforesaid order of assessment by way of f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Income Tax Act and as per the modified CBDT guidelines in F.No.404/72/93-ITCC dated 31.07.2017, th 20% on the total tax demand amounting to Rs. 6,51,98,804/- should be paid. In this regard, you are requested to pay the amount of Rs. 6,51,98,804/- (20% on total tax demand) on or before 15.02.2019 and to produce the necessary evidences to the undersigned. Failing which, the coercive steps will be initiated to collect the tax arrears demand.' 6. The aforesaid communication has been issued by the first respondent even during the pendency of the application for stay before the CIT (A). The petitioner immediately brought to the notice of the first respondent, the fact that the application for stay filed by the petitioner was pending before the....