2007 (12) TMI 526

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....on can be finally disposed of at this stage itself. 2. BY Section 10 (8) of the U.P. Trade Tax Act, 1948, the Assessing Authority has been given the right to demand 'adequate' security to "its satisfaction". What security would be adequate, and what security would satisfy the Assessing Authority would obviously be in the discretion of the Assessing Authority. But no such discretion c....

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....hed commercial concern of substantial size, continuing over past several years and is an existing tax payer, demanding of bank guarantee may not be desirable except where there are cogent reasons for requiring bank guarantee as security. The reason is that most Banks require pre-deposit of equivalent amount of cash for giving of Bank-guarantee. Thus while the assessee suffers due to blockage of hi....