TaxTMI 
TaxTMI 
2021 (5) TMI 488
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....arising in the present petition which is in a very narrow compass, with the consent of the learned advocates for the respective parties, the matter is taken up for final hearing. 3. By this petition under Article 226 of the Constitution of India, the petitioner has prayed for the following reliefs : "A) this Hon'ble Court be pleased to call for the records of the proceedings, look into them and be pleased to issue a writ of mandamus or certiorari or any other appropriate writ, order or direction, directing Respondent No.1 to lift the attachment on the commercial property located at World Trade Centre being Officer No.407, Udhna Darwaja, Ring Road, Surat and further direct Respondent No.1 to suitably modify the order of attac....
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....e petitioner is an individual assessed to tax under the provisions of the Income Tax Act, 1961 (here­in­after referred to as "the Act, 1961"). For the assessment years 2009­2010 to 2011­2012, assessment orders and penalty orders are passed in case of the petitioner and the same are carried in appeal and some orders are still pending adjudication before the appellate forum including this Court. After passing of the assessment orders and penalty orders for AY 2009­2010 to 2011­2012, demands have been raised against the petitioner by issuing notice under section 156 of the Act, 1961. According to the petitioner, outstanding demand as per the portal of the income­tax department as on 9.2.2021 is as under : Asst.Ye....
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....shy;op. Bank Ltd., Kharel Branch. (v) Account No. 50100226108350 with HDFC Bank , Parlepoint Branch, Surat." Accordingly against total demand of Rs. 1,08,36,845/­ one residential property, one commercial property and five bank accounts are attached. 6. According to the petitioner, fair market value of residential property attached is estimated at Rs. 3,71,20,000/­ being 50% of the value as per the report dated 21.12.2018 of the Government Approved Valuer and fair market value of the commercial property attached by the department is Rs. 81,40,000/­ as per the report dated 21.12.2018 of the Government Approved Valuer. The petitioner therefore, made an application before respondent no.2­ Income Tax Officer, Ward&....
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....and of Rs. 1.08 crores as per the portal of the income tax department as on 9.2.2021 and as such, the attachment is disproportionate to the outstanding demand against the petitioner. According to learned advocate Mr. Shah, effective outstanding demand is only of Rs. 42,96,425/­ in view of orders passed by the Tribunal. However, it was submitted that assuming that the outstanding demand is of Rs. 1.08 crores as per the income­tax portal as on 9.2.2021, then also the attachment of property worth Rs. 4.52 crores along with five bank accounts is highly excessive in nature. 10. Learned advocate Mr. Shah submitted that due to Covid­19 pandemic, the petitioner is facing financial liquidity crunch and does not have sufficient amount ....
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....irect Tax Vivad Se Vishwas Act, 2020 Scheme in case of company cannot be permitted by lifting the attachment on the commercial property belonging to the petitioner. As the petitioner has not paid the demand along with interest under section 220(2) of the Act, 1961, the petitioner is in default and hence respondent no.1 is justified by attaching the property of the petitioner along with the bank accounts. It was submitted that respondent no.1 has acted as per the TRO manual and therefore, no interference may be made by the Court in the facts of the case. It was submitted that in case of the petitioner, outstanding demand is from financial year 2013­2014 which is not paid by the petitioner till date which shows casual approach of the peti....
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....ed by the respondents on commercial property situated at World Trade Centre being Office No. 407, Udhna Darwaja, Ring road, Surat, is lifted, there would not be any prejudice to the respondents income­tax department as it is fully secured by continuing the attachment over the residential property and five bank accounts. On the other hand, if the attachment is lifted, the petitioner would be in a position to pay the tax payable under the resolution scheme to the department. In order to achieve the real purpose and purport of the resolution scheme, it would be in the interest of justice to direct the respondents to lift the attachment on the commercial property forthwith so as to enable the petitioner to realise the amount of sale conside....