ANKIT TRACOM (P) LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) PETITIONER has challenged a warrant issued by the Director of IT (Inv.), Bhopal, respondent No. 2, under s. 132 of the IT Act, 1961 (hereinafter referred to as 'the Act') dated 11th Nov., 2009 by which the petitioner was restrained from operating fixed deposit receipt in various bank accounts at Katni. The aforesaid challenge is on the ground that all the FDRs were duly entered in the books of account and the interest earned on the FDRs was duly shown in the returns of income-tax. The petitioner company was also assessed with the CIT, Kolkata and the respondent No. 2, was having no jurisdiction to search the premises of the petitioner.

(2.) THE facts of the case in short are that the petitioner company was constituted on 31st Aug., 1994 at Kolkata. The company is a non-banking financial company duly registered with the RBI and was complying with all the directions of the RBI issued from time-to-time. The petitioner company was earning income from interest and was filing returns of income since the date of its incorporation. No demand or liability is due on the company or of its directors.

(3.) THAT , on 11th Nov., 2009 authorised officer of the respondents visited the petitioner company at Katni and attached various fixed deposits of the petitioner company with four banks amounting to Rs. 29.24 crores. The Department adjusted Rs. 71 lakhs towards advance tax instalment of December, 2009 and remaining Rs. 28.53 crores are still lying restrained.