Case Law Details
CCTEB India Private Limited Vs ACIT (Delhi High Court)
In a recent ruling, the Delhi High Court granted relief to CCTEB India Private Limited by releasing approximately Rs. 42 crores, which had been provisionally attached and held in fixed deposits. The Court’s decision arrived amidst concerns raised regarding assessment years 2019-20, 2020-21, and 2021-22.
The case revolved around the demands raised for various assessment years, totaling Rs.56,48,47,524/-. The petitioner was requested to pay Rs.35,42,16,461/- according to the Principal Commissioner of Income Tax’s (PCIT) order. CCTEB India’s legal counsel informed the court about the Rs. 42 crores fixed deposit/bank balance which was provisionally attached under Section 281B of the Income Tax Act, 1961. This deposit stands released to the petitioner.
As the hearing progressed, the court directed that 20% of the total demand should suffice in line with a CBDT office memorandum. As the respondents/revenue were already secured to the extent of Rs.2,14,14,742/-, the petitioner was to deposit the balance amount of Rs.9,15,54,762/-. The court provided CCTEB India four weeks to make this deposit.
FULL TEXT OF THE JUDGMENT/ORDER OF DELHI HIGH COURT
Please become a Premium member. If you are already a Premium member, login here to access the full content.
