NARAYAN SHUKLA, VISHNU CHANDRA GUPTA, J. - (1.) BY means of this writ petition, Sahara Credit Cooperative Society Limited (hereinafter referred to as "the petitioner"), challenged the order passed by the Joint Commissioner, Income Tax Lucknow dated 5.3.2014, under Section 281B (1) of the Income Tax Act 1961 (hereinafter referred to as "the Act"), by which the provisional attachment of the bank accounts of the petitioner's society were made during the course of proceeding of assessment of assessment year 2011 -2012.
(2.) BRIEF facts for deciding this writ petition are that the petitioner is a Multi -State Cooperative Society, which came into existence on 1.10.2009. The aforesaid society was registered under the Multi -State Cooperative Societies Act, 2002 on 5.3.2010. The business of the petitioner's society is to run the scheme for members of the society and to facilitate the investment for the assessment year 2011 -2012, the income tax return was filed by the petitioner on 29.9.2011 declaring the loss of Rs. 22,31,02,195/ -, which was revised on 30.3.2013 wherein the returned loss was enhanced to Rs.22,37,09,412/ -. During the course of proceedings of assessment, certain queries were made from the assessee by the Assessing Officer regarding the creditworthiness, genuineness and identity of the investors of the aforesaid society. The petitioner/assessee was not cooperating in furnishing the requisite information. Malpractice was said to have been adopted by the petitioner. In regular assessment approximate total income of the petitioner was likely to be assessed at Rs.1100 crores and tentative tax liability was of Rs. 445 crores. Therefore, Joint Commissioner of Income Tax Range -3,Lucknow vide its letter dated 27.2.2014 sought prior approval for provisional attachment of bank accounts of petitioner. His action was approved by the Commissioner of Income Tax -1 Lucknow vide its letter dated 28.2.2014. Consequently, the bank accounts of the petitioner in Punjab National Bank, Cooperative Bank, Union Bank of India, Allahabad Bank, ICICI Bank Ltd., UCO Bank and Central Bank of India were attached. Aggrieved by the action of the Assessing Officer, this writ petition has been filed.
(3.) COUNTER affidavit has been filed on behalf of the opposite parties. The letter dated 27.2.2014 is enclosed therewith as Annexure No. 1 to the counter affidavit, whereby the Joint Commissioner, Income Tax, Range -3, Lucknow sought prior approval for provisional attachment under Section 281B (1) of the Act. The reason assigned in this letter reads as under: - "The scrutiny assessment in the case of M/s Shara Credit Cooperative Society Ltd. Shara India Bhawan, Kapoorthala complex, Aliganj, Lucknow 226024 for A.Y. 2011 -12 is pending with the undersigned. The scrutiny assessment in this case is likely to be completed at total income of Rs. 1100 crores approximately. The demand in regular assessment in this case shall be completed to Rs. 445 crores approximately . Since the assessee is not cooperating in the assessment proceeding, it is necessary for the purpose of protecting the interests of the revenue to provisionally attach the bank accounts of the assessee, M/s Shara Credit Cooperative Society Ltd. Shara India Bhawan, Kapoorthala complex, Aliganj, Lucknow, 226024". The details of bank accounts of the above named assessee are given below" - S.No. Name and address of bank Account numbers Under same ID 1. Punjab National Bank, Mahanagar, 75800210013948 Lucknow 6 2. Corporation Bank, Aliganj,Lucknow ......... 3. United Bank of India,Aliganj, Lucknow ........ 4. Allahabad Bank,Aliganj, Lucknow ........ 5. ICIC Bank Ltd. Arohi Complex, Block - ........ 2,Kapoorthala, Aliganj, Luckow 6. UCO Bank, IT College, Branch, 9A,Raidas ........ Mandir Crossing, Nirala Nagar, Lucknow. 7. Central Bank of India, Bhatia Complex ........ Mandir Marg, Mahanagar, Lucknow 8. Canara Bank, C -10,33/34,Sec - ........ B,Mahanagar,Lucknow 9. The Karur Vyasya Bank Ltd, P.B. No. ....... 1414,Kamamwala Chamber ,P.M. road, Fort,Mumbai -400001 10. Insusing Bank Ltd., 701, Solitaire .... Corporate Bark, 2167,Guru Har Govindgj Marg, Andheri -E,Mambai -400093. ;