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The Tax Publishers2020 TaxPub(DT) 1494 (Mad-HC) : (2020) 274 TAXMAN 0045 INCOME TAX ACT, 1961
Section 226
Where assessee assailed order of attachment contending that it was unable to mobilize any fund even to satisfy condition imposed by Court for granting stay of order, attachment was ordered to be lifted, subject to assessee paying amount in installments.
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Recovery - Attachment of bank accounts - Assessee unable to mobilise funds even to satisfy conditions of stay order -
Assessee contended that on account of notice issued under section 226(3) by concerned revenue official (ACIT), entire business of assessee came to a standstill and therefore, it was unable to mobilize any fund even to satisfy condition imposed by Court for granting stay of order. Held: Though there was no embargo under notice communicated under section 226(3) on assessee from operating its accounts, but order giving benefit to assessee became inoperable. Thus, order was modified lifting order of attachment subject to assessee paying amount in installments. Concession given would stand automatically withdrawn sine die if assessee failed to pay amounts as per date fixed by Single Judge.
REFERRED : M/s. Dhanalakshmi Srinivasan Chit Funds (P) Ltd. v. Pr. CIT [W.P(MD)No.3544 of 2020 And W.M.P.(MD) Nos.2997 & 2998 of 2020, dt. 21-2-2020]
FAVOUR : In assessee's favour
A.Y. :
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