BEST OASIS LTD Vs. DDIT

JUDGEMENT

(1.) By this writ application under Article 226 of the Constitution of India, the writ applicant, a Company registered under the laws of Hong Kong and a wholly owned subsidiary of " The Priya Blue Industries Pvt. Ltd.", a Company incorporated and registered under the laws of India, has prayed for the following reliefs:

(2.) We need not go into the merits of the matter, as the writ application can be disposed of on the basis of the consensus arrived at between the writ applicant and the Income Tax Department. However, with a view to dispose of the matter, we incorporate few relevant facts:

(3.) The Department has filed affidavit-in-reply pointing out various aspects of the matter. According to the department such action of provisional attachment of FDRs has been taken with a view to protect the interest of the revenue. In short, the case of the Department is that the writ applicant is liable to pay a particular amount towards tax in India. With a view to secure such amount liable to be paid by way of tax, the department had to pass the impugned order of provisional attachment of the FDRs of the two banks referred to above.