RAKESH KUMAR AGGARWAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this writ petition, the petitioner seeks to challenge order dt. 24/25th July, 2003, passed by the CIT, Delhi XIII, New Delhi, whereby the securities furnished by the petitioner in terms of our order dt. 25th March, 2003 in CWP No. 7030/2002 have been rejected.

(2.) MR . Bajpai, learned counsel for the petitioner, submits that the CIT was not justified in rejecting the same as the securities furnished in the form of immovable properties, belonging to the wife of the petitioner, were very sound. Learned counsel would submit that even if the stand of the CIT that the agricultural land was under acquisition was to be accepted, the petitioner was prepared to give an undertaking to this Court that in the event of M/s Bansal Commodities succeeding in their writ petition and the Department were to refund any amount to them, the compensation in respect of these lands may be received by the Department.

(3.) HAVING heard learned counsel for the parties, we are of the view that no relief can be granted to the petitioner. The question whether a particular security is sufficient or not is to be determined by the CIT, who is obliged to protect the interest of the Revenue. On this aspect this Court would not like to intervene in the exercise of power of judicial review.