M/S Nasib Singh And Sons Huf v. Chief Commissioner Of Income-Tax And Others

In the High Court of Punjab and Haryana, at Chandigarh Civil Writ Petition No. 3859 of 2015 Date of Decision: 27.7.2015 M/s Nasib Singh and Sons HUF ... Petitioner(s) Versus Chief Commissioner of Income-tax and Others ... Respondent(s) CORAM: HON'BLE MR. JUSTICE S.J. VAZIFDAR, ACTING CHIEF JUSTICE. HON’BLE MR. JUSTICE G.S. SANDHAWALIA. Present: Mr. D.S.Patwalia, Senior Advocatewith Mr. Sehejbir Singh, Advocatefor the petitioner(s).with Mr. Sehejbir Singh, Advocatefor the petitioner(s). Mr. Rajesh Katoch, Advocatefor respondents No.1 to 3. Mr. I.P.S.Doabia, Advocatefor respondent No.4. S.J. VAZIFDAR, A.C.J. (Oral) Pursuant to the order of the Settlement Commission, theAssessing Officer has re-assessed the tax dues. Admittedly, the taxdues even with interest are less than ` 1,00,00,000/-. The fixed depositsissued by respondent No.4-State Bank of India with accretions theretoare of the value of over ` 1,00,00,000/-. The revenue, therefore, is totallyprotected. In the circumstances, it will be only fair to direct therespondents to maintain status quo in respect of the fixed deposits tillthe CIT decides the petitioner's application for stay. The application forstay has already been made. However, the petitioner shall be at liberty to make a fresh comprehensive application for stay. In the circumstances, the petition is disposed of by directing allthe parties to maintain status quo in respect of the fixed deposit receipts,which are under attachment. In other words, the amount shall not beappropriated by the department and the petitioners till the CIT decidesthe petitioner's application for stay, if made, on or before 10.8.2015 andfor a period of four weeks, thereafter, in the event of the order beingadverse to the petitioner. The release of the other amounts shall also bedecided by the CIT while deciding the application for stay. (S.J.Vazifdar)Acting Chief Justice July 27, 2015“DK” (G.S.Sandhawalia)Judge