- (1.) AFTER the matter was heard at some length, Sri Ravi Kant, learned Senior Advocate assisted by Sri Shri Satish Chaturvedi, Advocate on behalf of the petitioner comes up with a prayer that the petitioner -bank would be satisfied, if the first appeal filed by the bank before the Commissioner of Income Tax (Appeal), Kanpur dated 25th April, 2014 be directed to be decided at the earliest.
(2.) PETITIONER -Bank is a schedule bank. Against the assessment order dated 25th March, 2014 petitioner has filed a first appeal before the Commissioner of Income Tax (Appeal) on 25th April, 2014. It is further the case of the petitioner -Bank that Cash Reserved Ratio (for short "CRR") is the amount which all schedule commercial banks are required to maintain with the Reserve Bank of India with reference to their total net demand and time liabilities to ensure the liquidity and solvency of the Bank. As such this account cannot be made subject of attachment for recovery of the income tax dues. It is the case of the bank that entire working of the State Bank of India may be put in jeopardy, if the first appeal is not finally disposed at the earliest.
(3.) SHRI Shambhu Chopra, learned counsel for the Income Tax Department has no objection to the early disposal of the appeal. However, he submits that there should not be any order of attachment being lifted, as the interest of revenue is also to be protected. Having heard the learned counsel for the petitioner -Bank and learned Counsel for the respondent -department and having examined the records of the present writ petition, we are not inclined to enter into the issue as to whether the attachment of the CRR account in the facts of the case is justified or not.;