Kamal Co-Operative Housing Society Ltd v. The Income Tax Officer-16(1)(2) And Others

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION (LODG.) NO.971 OF 2013 Kamal Co-operative Housing Society Ltd.versusThe Income Tax Officer-16(1)(2)and others ..Petitioner. ..Respondents. ..... Mr. Jehangir D. Mistri, Senior Advocate i/b Mr. Atul K. Jasani for the Petitioner.Mr. A.R. Malhotra for the Respondents. ..... CORAM : DR.D.Y.CHANDRACHUD, ANDA.A. SAYED, JJ. 2 May 2013. P.C. : Following an order of assessment dated 21 March 2013 under Section 143(3) of the Income Tax Act 1961 a notice of demand was issued to the Petitioner on the same day under which there is a demand in the amount of Rs.4,51,02,360/-for Assessment Year 2010-11. An attachment was levied under Section 281-B on 20 March 2013 in the total amount of Rs.4.51 Crores on the fixed deposits maintained by the Petitioner with Saraswat Co-operative Bank Limited and Shamrao Vithal Co-operative Bank Limited. The Petitioner had filed a stay application which was initially rejected by the AO on 4 April 2013. On 12 April 2013 the Joint Commissioner of Income Tax, Range 16(1) declined to accede to an application for stay filed on 9 April 2013. In the affidavit in reply it has been stated that the application for stay which has been filed with the CIT-16, Mumbai has not been disposed of as yet. In the circumstances, counsel appearing on behalf of the Revenue states that the application for stay shall be disposed of by the CIT-16 within a period of two weeks from today on the Petitioner appearing before the officer on 6 May 2013. We record the assurance and direct that in the meantime the attachment that had been levied under Section 281-B shall continue to remain in operation subject to such final orders as may be passed on the application for stay and for a period of four weeks thereafter. The Petition is accordingly disposed of. There shall be no order as to costs. (Dr. D.Y.Chandrachud, J.) (A.A. Sayed, J.)