Case Law Details
Petitioner’s Grievance
The present three writ petition filed by the assessee against the order of the department seeking to attach the refund of Rs.29,01,56,762/-, Rs.51,30,88,859/- and Rs.25,62,58,769/- aggregating to Rs.105,95,04,390/- u/s 281B of the Act relating to A.Y. 2007-08, A.Y. 2008-09 and A.Y. 2009-10 respectively due to the petitioner-assessee. Against the writ petition being 679/2014 and 680/2014 of the assessee seeking direction that the respondent gave effect to the order of the Tribunal, the respondent/revenue on 24/12/2014 filed an affidavit and assured the Court that effect was being given to the order of the tribunal. However, proceedings for attachment had already been commenced and sanction on 12/12/2014 also obtained from the Commissioner to the attachment of refunds due to the petitioner, yet the same was not pointed out either to the petitioner or to the Court.
The Petitioner submitted that total refund which has to be adjusted for the A.Y. 2007-08 to 2009-10 amounts to Rs.105,95,04,390/- and they were undergoing grave liquidity problems and were therefore in need of the funds which were legitimately due to them. However to secure the revenue, initially the petitioner were willing to replace the security by making available immovable properties free from encumbrances for attachment by the Revenue but later submitted that they would secure the Revenue by a Bank Guarantee for 100% of the refund attached i.e. Rs.105,95,04,390/-.
Respondent submission
The Ld. counsel of the revenue did not raised any objection of being secured by a Bank Guarantee.
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