Provisional attachment of bank account released against furnishing of bank guarantee

FCS Manufacturing (India) Pvt. Ltd. Vs DCIT (Gujarat High Court)

Gujarat High Court held that it is satisfied that provisional attachment is hindering the continuation of business of the petitioner, hence continuation of provisional attachment not necessary as the interest of revenue can be safeguarded by furnishing of a bank guarantee.

Facts-

The petitioner is impaired on account of the attachment of the two of its accounts with the DBS Bank and HSBC Bank and has m

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