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TMI Blog2016 (12) TMI 1610X X X X Extracts X X X X X X X X Extracts X X X X ..... that the petitioner’s bank is obliged to honour the direction of attachment by the Revenue and not to release any amount pursuant to the SBLCs as well as any consequential instruments and acts which would effectuate the commitments there under pending crystallization of the actual amounts by the revenue, till further orders. Directed accordingly. Counsel for the revenue states that the actual amounts would be indicated in an appropriate consequential order within two weeks under Section 195 of the Income Tax Act, 1961 and till further orders in these proceedings. X X X X Extracts X X X X X X X X Extracts X X X X ..... e. the Commissioner of Income Tax forthwith to withdraw an order dated 29th/ 30th November, 2016 issued in the wake of the judgment of this Court in certain writ petitions, the drawings of Standby Letters of Credit (SBLC) has been restricted to the respondents' liability to deduct tax, from the amounts payable to M/s. Formula One World Championship Ltd. (FOWC). It is also stated that provisional attachment was issued on 01.12.2016. This order states as follows: "13. The Axis Bank Ltd. has informed vide its letter Ref. No. AXIS/Noida/Jaypee/LC Extension/2 dated 26.05.2016 that the expiry date of the SBLCs has been extended as per the following details: S.No. SBLC No. Amount in USD Million New Date of Expiry 1. 0022FBG140003 15.45 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... WP(C) 10307/2016 and WP(C) 10145/2016, the order impugned and the attachment appear to be prima facie warranted in law. In the light of this order, the Court is of the opinion that the petitioner's bank is obliged to honour the direction of attachment by the Revenue and not to release any amount pursuant to the SBLCs as well as any consequential instruments and acts which would effectuate the commitments there under pending crystallization of the actual amounts by the revenue, till further orders. Directed accordingly. 7. Counsel for the revenue states that the actual amounts would be indicated in an appropriate consequential order within two weeks under Section 195 of the Income Tax Act, 1961 and till further orders in these proceedings. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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