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TMI Blog2015 (8) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... in the product from 24 carats to 22 carats. An excess quantity than what was declared was produced and sold in the market for the "added back" amount. This is not quite correct. According to the summary of stock which is annexed to the writ petition at page 177 thereof and is also part of the writ petitioner's audited accounts, the quantity of the gold of 24 carats which was said to have been converted into 22 carats upon addition of alloy was in fact of only 22 carats. It is nobody's case that that particular quantity of the gold was further converted into gold of lesser carat value. The addition made on the said basis is prima facie erroneous. Therefore, writ petitioner has a substantial case to be tried before the Commissioner (Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asked to pay 50 per cent. of the demand, a mere look at the demand would show that the assessee was asked to deposit 100 per cent. of the demand. Being aggrieved the assessee approached the Commissioner of Income- tax, Kolkata-I. However, by his decision dated September 4, 2014, the request of the assessee for staying the demand was rejected. A further approach has been made before the Principal Commissioner of Income-tax regarding which there is no response till date. On September 10, 2014, the order dated July 17, 2014, was annulled . Mr. J. P. Khaitan, learned senior advocate for the petitioner, tries to unfold the prima facie case of the assessee to show that the demand ex facie is unjust. To a substantial extent he has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eved of some of the rigours of this attachment. I discharge the attachment with regard to the cash credit account of the petitioner with Allahabad Bank, Bowbazar Branch. In this, I am supported by a decision of the Madras High Court in K. M. Adam v. ITO reported in [1958] 33 ITR 26 (Mad) which opines that a loan fund cannot said to be a debt of the bank to the customer nor could it be said to be money on account of the customer. Hence, it cannot be attached. I direct the Commissioner of Income-tax (Appeals) to dispose of the appeal by December 31, 2014. Other bank accounts of the writ petitioner with Union Bank of India, Sealdah Branch and Bank of India, Bowbazar Branch, will continue to remain attached with a rider that the Departmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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