Bank Account Attachment Lifted on 20% disputed Income Tax Demand Payment

Devadharshan Food Products Vs ITO (Madras High Court) Conclusion: Attachment order for freezing of bank accounts of assessee was lifted on the condition that the taxpayer pays 20% of the disputed demand in instalments and if the taxpayer defaulted on any instalment, the attachment would stand revived automatically. Held: Assessee was engaged in manufacturing fruit pulp, had challenged notices issued under Section 226(3) by which its bank accounts with DBS Bank, HDFC Bank, and Lakshmi Vilas Bank were attached to recover a demand of over ₹1.41 crore for Assessment Year 2023-24. Assessee had a...