2019 (4) TMI 460 - HC - Income Tax

Attachment of immovable properties situated at Mumbai - income tax liability - recovery proceedings - valuation of property far exceeds any possible income tax liability which may arise even if the petitioner s all legal contentions were to be negatived - HELD THAT - As submitted that keeping such properties under attachment, the petitioner s bank accounts may be released. Department may file reply before the next date of hearing. He may also indicate the possible approximate liability of the tax which may arise in case of the petitioner. The petitioner shall file an affidavit declaring that the two immovable properties exclusively belong to him and that the same carry no encumbrances.

Summary

The Bombay High Court heard a case where the petitioner requested the release of bank accounts due to high property valuation exceeding potential tax liability. The department was asked to provide a reply on the tax liability, and the petitioner was directed to file an affidavit confirming ownership of the properties with no encumbrances. Next hearing scheduled for April 3, 2019. (Case citation: 2019 (4) TMI 460 - BOMBAY HIGH COURT)