2026 (3) TMI 1352

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....Department and attachment of properties for three Assessment Years (for short 'A.Y.') being A.Y. 2008-09, 2009-10 and 2011-12 on the ground that the outstanding demand on the basis of which the Tax Recovery Certificates were issued and properties were attached, have been substantially extinguished after appellate proceedings. 3. Brief facts of the case are that a search action was conducted under Section 132 of the Income Tax Act, 1961 (for short 'I.T. Act') on the "Valuable Group", and a statement of the Petitioner was recorded in his capacity as a Director of M/s. DAR Media Pvt Ltd, which forms part of the aforesaid Group. In view thereof, re-assessment proceedings were initiated in the case of the Petitioner for the A.Ys. 2008-09, 200....

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....Apts, New 60, Old 62, First Avenue, Indira Nagar, Adyar, Chennai - 600020. 6. Mr. Sham Walve, the learned counsel appearing for the Petitioner has tendered a Summary showing the current status of demands for A.Ys. 2008-09, 2009-10 and 2011-12. As per the Summary, the only demand outstanding and liable to be paid as on date is an amount of Rs. 80,04,855/- towards quantum addition (interest portion) and Rs. 52,73,366/- as penalty plus interest of Rs. 22,67,519/- towards penalty. As far as the demand of Rs. 52,73,366/- towards penalty, plus interest of Rs. 22,67,519/- on the aforesaid penalty is concerned, the learned Principal Commissioner of Income Tax has granted a stay on the same and hence the same is non - recoverable at present. 7....

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....rds quantum addition (interest portion) and Rs. 52,73,366/- as penalty plus interest of Rs. 22,67,519/- towards penalty. It is also not in dispute that the Petitioner had intimated the Income Tax Department about the extinguishment of majority of the demands, basis of which properties were attached, and called upon the Income Tax Department to withdraw the Tax Recovery Certificates and release the attached properties. Thus, we find force in the submissions advanced on behalf of the Petitioner that the impugned Tax Recovery Certificates issued and the properties attached cannot be sustained save and except to safeguard the interests of the Revenue relating to the outstanding demand pertaining to A.Y. 2008-09. 10. In view of the above disc....