Held Bank accounts were in the nature of either the cash credit account or term loan account. In other words, the accounts were opened to enable the assessee to borrow the money from the bank for the purpose of its business. Any money, therefore, that the bank may make available to the assessee would necessarily… Read More »
Issue The petitioner preferred an appeal together with the stay application before the Deputy Commissioner of Commercial Tax (Appeals) under section 73 of the Act on 6.7.2015, well within the period of limitation. However, during the pendency of the hearing of the stay application and the appeal, the fourth respondent issued attachment orders dated 21.7.2015,… Read More »
Question :Can the Cash Credit Account Attachment be done by the Income Tax department in case of Tax Demand ? Held I discharge the attachment with regard to the cash credit account of the petitioner with Allahabad Bank, Bowbazar Branch. In this, I am supported by a decision of the Madras High Court in K.M. Adam v. ITO [1958]… Read More »