SIDHI VINAYAK METCOM LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) THIS petition is preferred mainly for the following reliefs: (i) Quashing the Notices dated 21.01.2015 issued by the Income Tax Department u/s 226(3) of the Income -Tax Act, 1961 (Hereinafter to be referred to be as 'The Act of 1961' (ii)To refund the money appropriated under the order of the attachment to the petitioner till the appeal before CIT (Appeals) is pending (iii) For quashing, withdrawing, rescinding and revoking of the impugned final reassessment order along with demand dated 25.03.2014 for the assessment year 2010 -11 and 2011 -12 and consequent demands (iv) To pass an interim order during the pendency of the instant writ application restraining the respondent authorities from giving any effect and/or further effect to the said impugned orders dated 25.3.2014 (order of reassessment) etc.

(2.) COUNSEL appearing for the petitioner submitted that initially order of assessment was passed for the Assessment years 2010 -11 and 2011 -12. Thereafter, Notice under section 148 of The Act of 1961 was issued for reassessment under Section 147 of the Act of 1961 for the aforesaid assessment years. Ultimately order of re -assessment for both the aforesaid years was passed on 25th March, 2014, which was challenged in appeal preferred before the Commissioner of Income Tax (Appeals) (Hereinafter to be referred to as 'CIT (Appeals)') and during pendency of the appeal, W.P.(T) 5557 of 2014 was preferred before this court challenging the order of re -assessment along with demand dated 25th March, 2014 for the assessment year 2010 -11 and 2011 -12 and subsequent demands of Rs. 48,75,050/ - and for Rs. 43,12,391/ - by demand notice dated 25th June, 2014. Ultimately, a Division Bench of this court dismissed the writ petition vide order dated 20th January, 2015, finding no illegality on the part of the respondents because no application was preferred for stay against the recovery of demand along with the memo of appeal filed before Commissioner of Income Tax (Appeals).

(3.) IT is further submitted by the counsel for the petitioner that appeal was preferred before the C.I.T. (Appeals) by this petitioner against the order of reassessment in the month of April, 2014. Thereafter, stay application was preferred during the period from 21st January -February, 2015, upon which an order was passed by the CIT (Appeals) on 17th February, 2015. Said order is at Annexure 2 to the I.A. No. 1197 of 2015, wherein it has been ordered by C.I.T. (Appeals) that so far as interest charged over and above the returned income under Section 234(B) of the Income Tax Act, 1961 is concerned, demand was stayed and for rest of the amount direction was given to the Assessing Officer to grant or suitably modify installments granted to the appellant for the payment of outstanding demands. In pursuance of this order of the CIT(Appeals), a letter dated 20th February, 2015 was written by this petitioner for granting installments for payment of the rest approximately Rs. 64,00,000/ - as per order dated 17th February, 2015 of CIT (Appeals).