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TMI Blog2018 (9) TMI 1867X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been attached by the Revenue, shall stand lifted. It must be understood that when all the assets of the assessees have already been attached, obviously the assessee would be incapable of making any further payments as assessee would be unable to take loans by mortgaging the assets. However, the debtors of the assessee are still available and enforceable. Recovery of disputed tax against the assessees is stayed with liberty to the Revenue to proceed with the recovery of the disputed tax in respect of the assessees from the hands of the assessee s debtors, Mr.Darmendra Bafna of M/s Surana Corporation Limited. Till such time that the debt due to the assessees from Mr.Darmendra Bafna, has not been fully recovered as against the disputed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even the silver articles available with the assessee have been seized by the Department, and the Tax Recovery Officer (TRO) is also proposing to liquidate the same against the demand. The ld.A.R submitted a note in regard to the demand and he has also given an undertaking that he has no objection if the entire disputed demand is recovered from the debtor Mr.Darmendra Bafna of M/s.Surana Corporation Ltd., whose address has also been provided. The letter dated 14.09.2018 submitted by ld.A.R is extracted herein below:- Before Hon ble Income Tax appellate Tribunal, C Bench, Chennai Assessee A.Y ITA No. SP No. Tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash to Mr. Darmendra Bafna of M/s Surana Corporation Ltd totaling amounting to ₹ 4.65 Crores, not properly explained in the assessment proceedings in the case of Mr.C.Kishanial for AY 2006-07. Wherever the sources were explained through Loans/ advances, penalty u/s 271D and 271E of the Act was levied amounting to ₹ 10,00,000/- and ₹ 3,00,000/-. In the case of C.Kishanlal and Sons HUF, the amount ₹ 4.65 Crores was added as unexplained loan. Further, in the case of Late Mr.Champalal, the assets found during the course of search was added as unexplained for AY 2012-13 and the balance tax amounting to ₹ 15.93 Lakhs is outstanding. The undersigned is the legal heir and son of Late Mr. Champalal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is directed to recover the disputed liability in respect of the assessee from the assessee s debtor as recognized by the Revenue being Mr.Darmendra Bafna whose address has been provided by the assessee. The attachments in respect of the assets of the assessees, which have been done by the Revenue, shall remain unaltered. The Bank account, if any, of the assessee which have been attached by the Revenue, shall stand lifted. It must be understood that when all the assets of the assessees have already been attached, obviously the assessee would be incapable of making any further payments as assessee would be unable to take loans by mortgaging the assets. However, the debtors of the assessee are still available and enforceable. This being so, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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