SUBUTHI FINANCE LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) ALL the three writ petitions are against and arising out of Income Tax Assessment orders of the petitioner's company and attachment of the properties belonging to the petitioner's company for the recovery of the income tax arrears for the period in question. While WP.29083 of 2007 is filed against the order of the first respondent/Commissioner of Income Tax, Chennai thereby refusing to condone the delay in filing the revision under Section 264 of the Act filed against the assessment order for the assessment year 1995-96, other two writ petitions are filed for lifting the order of attachment of 64,21,765 equity shares held by the petitioner company in M/s.Indowind Energy Limited and for lifting the garnishee order on the income due from TNEB in respect of two wind mills owned by the petitioner company towards the arrears of income tax due from the petitioner for the assessment years concerned.

(2.) AS the result of WP.No.29083/2007 is likely to have bearing on the issue involved in the other two writs, all the three writ petitions are for the purpose of effective and proper adjudication of the issue involved therein, being disposed of by common order.

(3.) DURING pendency of the proceedings, as referred to above, the petitioner company has been issued with demand notices for payment of Income Tax arrears for Block Assessment Years from 1993-94 and assessment years 96-97, 97-98 and 98 to 99 periodically and the last demand notice is dated 24.11.2004 demanding payment of Rs.4,60,44,541/- under section 226(3) of I.T. Act. The third respondent has on the same day, passed Garnishee order in and under which, the third respondent has attached the income from two windmills owned by the petitioner, the maintenance and operation of the same are entrusted with M/s.Indo Wind Energy Ltd. The order of attachment is, according to the petitioner, in addition to attachment of some of the bank accounts, the details of which are furnished at para 14 of the affidavit filed in support of W.P.No.8751 of 2010.