Bond undertaking by Competent Officer to Complete Income Tax Proceedings Expeditiously: Kerala HC directs to release Amount to Income Tax Dept as an Interim Measure [Read Order]

The Kerala High Court directed to release the amount for bond Undertaking by a Competent Officer to Complete Income Tax Proceedings expeditiously, to the Income Tax Dept as an interim measure

The application was filed to delete the condition in the order of the Judicial Magistrate First Class Court-II  directing the competent officer to execute a bond undertaking to complete the proceedings expeditiously and may kindly direct the Judicial Magistrate First Class Court-II, Attingal to release the seized amount of Rs.75,70,100/- to the Income Tax Department/Petitioner.

Considering the facts and circumstances of the case , the court held that “the petitioner herein is a Department of Government of India, there shall be an order staying the operation of requirement in order, to execute a bond by the competent authority undertaking the proceedings under Section 132(B) or other proceedings under the Income Tax Act expeditiously.”

Resultantly, the petitioner shall be entitled to get the amount released as an interim measure without executing the bond but subject to the condition that the obligation to complete the proceedings as per Section 153(2) of the Income Tax Act shall apply to the petitioner herein.

As the amount is already released in the submission. “The interim order dated 24.05.2022 can be made absolute and there can be a direction to the petitioner to complete the assessment within six months. The petitioner will complete the assessment, as expeditiously as possible, at any rate, within six months.”, Justice P.V.Kunhikrishnan held.

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