9911796707
TMI Blog2016 (9) TMI 613X X X X Extracts X X X X X X X X Extracts X X X X ..... Added Tax Act, 2003 ("VAT Act" for short). 2. Brief facts are as under:- 3. Petitioner is a company registered under the Companies Act is engaged in the trading and manufacturing of cotton, cotton ginning and other related products. The petitioner is registered under the VAT Act as well as under the Central Sales Tax Act, 1956. The respondent authorities carried out search operations at the premise of the petitioner company between 30.10.2015 to 3.11.2015. During such search, the authorities seized large number of documents, laptops and hard-discs from the petitioner's computers. Statement of the Director of the petitioner company was also recorded. The petitioner was thereafter served with notices for production of further materials ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany to secure the government dues, in the affidavit the respondents have pointed out that the property of the company situated at Mumbai at Regent Chamber 208, Nariman Point was mortgaged with the Bank of Baroda and the petitioner had availed credit facility to the tune of Rs. 487 Crores. The petitioners other property at Gota, Flat No.C/404, Prarthana Residency is also mortgaged with the same bank. In addition of mortgaging said properties in favour of Bank of Baroda, according to the deponent, the petitioner had also suppressed the fact that the petitioner had obtained a credit facility from the State Bank of India to the tune of Rs. 403 Crores. It was therefore necessary for the revenue authorities to attach bank accounts to safeguard t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,704/-. As against that, the respondents have not only attached the property worth Rs. 13,95,72,000/- but have also attached all the bank accounts of the petitioner thereby paralysing its commercial transactions. 5. Under the circumstances, having regard to the submissions advanced by the learned advocates for the respective parties, issue notice returnable on 16th June, 2016. Since the interest of the revenue qua the tax and interest is duly secured by the attachment made on the property at Mumbai, by way of ad-interim relief, the respondents are directed to lift the attachment of all the bank accounts made by virtue of the orders under section 45 of the Gujarat Value Added Tax Act at Annexure A collectively to the petition." 7. The p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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