The Principal Commissioner of Income Tax Central – 2, Chennai filed an application to set aside an order dated 19th September 2019, which pertained to an Income Tax Department order dated 4th October 2018, regarding the attachment of a refund. This attachment was initially valid for six months under Section 281B(2) of the Income Tax Act, 1961. The Adjudicating Authority noted that the six-month period had expired on 3rd April 2019, and the Corporate Debtor was under liquidation. Consequently, the authority declined to extend the attachment order and directed the Income Tax Department to release the refund amount of Rs.4,20,76,684/- to the accounts of the Assessee/Corporate Debtor – M/s Surana Corporation Limited within six weeks.
The Principal Commissioner of Income Tax Central – 2, Chennai, sought to set aside an order that had previously attached a tax refund due to M/s Surana Corporation Limited. The initial attachment order, issued by the Income Tax Department on 4th October 2018, was valid for six months under Section 281B(2) of the Income Tax Act, 1961. The Adjudicating Authority observed that the six-month validity period expired on 3rd April 2019, and Surana Corporation was under liquidation. Consequently, the Adjudicating Authority declined to extend the attachment and ordered the Income Tax Department to release the refund of Rs.4,20,76,684/- to Surana Corporation within six weeks. The Principal Commissioner of Income Tax, claiming to be a secured creditor, appealed this decision. The
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Income Tax Department issued an order for…
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The Principal Commissioner of Income Tax Central – 2, Chennai filed an application to set aside an order dated 19th September 2019, which pertained to an Income Tax Department order dated 4th October 2018, regarding the attachment of a refund. This attachment was initially valid for six months under Section 281B(2) of the Income Tax Act, 1961. The Adjudicating Authority noted that the six-month period had expired on 3rd April 2019, and the Corporate Debtor was under liquidation. Consequently, the authority declined to extend the attachment order and directed the Income Tax Department to release the refund amount of Rs.4,20,76,684/- to the accounts of the Assessee/Corporate Debtor – M/s Surana Corporation Limited within six weeks.
The Principal Commissioner of Income Tax Central – 2, Chennai, sought to set aside an order that had previously attached a tax refund due to M/s Surana Corporation Limited. The initial attachment order, issued by the Income Tax Department on 4th October 2018, was valid for six months under Section 281B(2) of the Income Tax Act, 1961. The Adjudicating Authority observed that the six-month validity period expired on 3rd April 2019, and Surana Corporation was under liquidation. Consequently, the Adjudicating Authority declined to extend the attachment and ordered the Income Tax Department to release the refund of Rs.4,20,76,684/- to Surana Corporation within six weeks. The Principal Commissioner of Income Tax, claiming to be a secured creditor, appealed this decision. The
…Income Tax Department issued an order for…
The six-month validity…
Sign in to view related legal provisions.