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TMI Blog2019 (11) TMI 1010X X X X Extracts X X X X X X X X Extracts X X X X ..... ate the payment requirement in order to have the assessee s bank account released? - Certainly, the Deputy Commissioner of Income Tax, Central Circle, Meerut, is well within his right to impose conditions for release of the bank account, provided the same conforms to the applicable instructions/circulars/ guidelines, issued by the CBDT from time to time. In the facts of the instant case, however, it is palpably evident that the conditions imposed upon the assessee for release of its bank account is bereft of any reason, not to mention, absence of cogent or justifiable reasons. As such, the impugned letter dated 12th September, 2019, cannot be sustained in law and is liable to be set aside and quashed and is, accordingly, set aside and q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Bank, Chander Vihar Market, Patpadganj, New Delhi-reg. Kindly refer to the above mentioned subject and your letter received in this office on 22.08.2019 on the above issues. 2. In this regard, I have been directed to convey you the observation of Pr. CIT(C), Kanpur letter F.No. Pr. CIT (C)/KNP/Stay of Demand/2019-20 dated 11.09.2019. I have been further directed to communicate you that your above bank account may be released subject to the following conditions:- (i). You make upfront payment of ₹ 20 lacs before 15 September, 2019. (ii). From October, 2019 you pay of monthly instalments of ₹ 7 lacs for period of 12 Months or decision of First Appeal, whichev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Instruction No. 1914 dated 21.3.1996 contains guidelines issued by the Board regarding procedure to be followed for recovery of outstanding demand, including procedure for grant of stay of demand. Vide O.M. NO.404/72/93-ITCC dated 29.2.2016, revised guidelines were issued in partial modification of Instruction No. 1914, wherein, inter alia, vide para 4 (A) it had been laid down that in a case where the outstanding demand is disputed before CIT(A), the Assessing Officer shall grant stay of demand till disposal of first appeal on payment of 15% of the disputed demand, unless the case falls in the category discussed in para (B) there under. Similar references to the standard rate of 15% have also been made in succeeding par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax, Central Circle, Meerut, while issuing the letter dated 12.09.2019, gave any cogent or justifiable reason in order to substantiate the payment requirement in order to have the assessee s bank account released. Certainly, the Deputy Commissioner of Income Tax, Central Circle, Meerut, is well within his right to impose conditions for release of the bank account, provided the same conforms to the applicable instructions/circulars/ guidelines, issued by the CBDT from time to time. In the facts of the instant case, however, it is palpably evident that the conditions imposed upon the assessee for release of its bank account is bereft of any reason, not to mention, absence of cogent or justifiable reasons. As such, the impu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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