2020 (3) TMI 440

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....3544 of 2020 and W.M.P(MD)Nos.2997 and 2998 of 2020. 2.The appellant has suffered assessment order for the assessment years 2012-13, 2013-14, 2015-16, 2016-17 and 2017-18 aggregating to a sum of Rs. 54,08,05,243/-. It is not in dispute that the petitioner has filed an appeal before the Commissioner of Income Tax (Appeals) on 25.01.2020. Even before filing an appeal, it is stated that the appellant had approached the Assessing Officer, namely Assistant Commissioner of Income Tax and submitted a representation on 06.01.2020 to stay of the operation of the assessment orders dated 25.12.2019. The respondent by a communication dated 20.01.2020 informed that the stay petition can be considered only on payment of minimum of 20% of total demand wh....

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....banks accounts. It enjoins the banks to pay 20% of the amount of Rs. 54,08,05,240/- directly to the respondent. It is stated that the account has been frozen and the account has become inoperable. The appellant, therefore, brought it to the notice of the learned Judge, who passed the order dated 21.02.2020 in the above writ petition. Order dated 21.02.2020 was modified by another order dated 27.02.2020. Net result appears to be in conclusive for the appellant. The amended order inserts the following to the order:- "On such payment of 20% of the total demand, the fourth respondent is directed to lift the attachments on the bank accounts as per the order/Notice under Section 226(3) of the Act bearing DIN and Letter No. ITBA/COM/F/17/2019-20....

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....226(3) of the Act be stayed, at least, to enable the appellant to comply with the direction of this Court i.e., to pay 20% of the demand in five installments. It is stated that the time for payment of the first installment would expire 30.03.2020 and unless the said order of attachment is lifted, the appellant will not be able to carry on its business. 6.The learned counsel appearing for the respondents, however, submitted that the respondents have realized only one lakh though more than 40 accounts of the appellant were frozen pursuant to the order of attachment showing the attempt of the appellant to empty the accounts. 7.The learned counsel for the respondents submit that the order passed on 21.02.2020 was modified by the learned Singl....

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....e are inclined to modify the order by lifting the order of attachment subject to the appellant paying amount in installments. The concession being given by this order will stand automatically withdrawn sine die if the appellants fails to pay the amounts as per the date fixed by the learned Single Judges. It is also relevant to mention that the appellant is dealing with public money and is accountable. In such circumstances, this Court is inclined to pass the following order:- "(i) the order of the Assistant Commissioner of Income Tax, Central Circle - 1, Trichy dated 07.02.2020 under Section 226(3) of the Income Tax 1961 is stayed till 01.04.2020 on condition that the appellant pays the first installment in terms of the order of the learn....