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TMI Blog2018 (10) TMI 1454X X X X Extracts X X X X X X X X Extracts X X X X ..... business, cannot move the stock and cannot make payments. Provisional attachments suspended subject to fulfillment of certain conditions - petition disposed off. - R/SPECIAL CIVIL APPLICATION NO. 14566 of 2018 With R/SPECIAL CIVIL APPLICATION NO. 14567 of 2018 - - - Dated:- 26-10-2018 - MR AKIL KURESHI AND MR UMESH TRIVEDI, JJ. For The Petitioner : MR SIRAJ R GORI (2298) AND MR VARIS V ISANI (3858) For The Respondent : MR PRANAV TRIVEDI, AGP ORAL ORDER ( PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These petitions are filed for challenging provisional orders of attachment passed by the respondent authorities attaching the petitioner's factory premises, stock and bank accounts. The facts behi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat there is reliable material on record to establish such allegation. Pending assessment, the competent authority passed the order of provisional attachment to protect the interest of the Revenue. 4. In facts of the case, we have to balance the interest of both sides. At the prima facie stage, the department contends strongly that the petitioner has indulged into revenue defalcation. Possible tax and penalty liabilities are substantial. At the same time, it is not disputed that the petitioner is also involved in legitimate business activities. By freezing the petitioner's bank accounts and attaching the properties, the petitioner is temporarily rendered penalized. The petitioner cannot operate the business, cannot move the stock and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l bank guarantee to the department to the tune of ₹ 5 crores. For this limited purpose of enabling the petitioner to create stock and give bank guarantee, it would be open for the petitioner to receive payments from its dealers. The director of the petitioner will file undertaking before this Court latest by 30.10.2018 that such payments will not be utilized for any purpose other than creating the stock as directed above and for raising bank guarantee. 7. Upon fulfilling such conditions, the attachment orders would automatically stand suspended along with the directions to the petitioner's dealers, for not making payment to the petitioner, which will also be suspended. Petitions are disposed of. - - TaxTMI - TMITax - GS ..... X X X X Extracts X X X X X X X X Extracts X X X X
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