remedy lies under Schedule II to the Income Tax Act, 1961
only. The borrower had filed the Securitisation Application under
Section 17 of the SARFAESI
Income Recognition, Asset Classification and
Advances' issued by the Reserve Bank of India and above all, by virtue of
the Securitisation Companies and Reconstruction ... give directions to all or any
securitisation company or reconstruction company in
matters relating to income recognition, accounting
standards, making provisions for bad and doubtful
Tamilnad Mercantile Bank Ltd vs The Assistant Commissioner Of Income ... on 12 February, 2019
Author: Dama Seshadri Naidu
Bench: Dama Seshadri Naidu
IN THE HIGH ... notice not only
Section 281B of the Income Tax Act but also Section 31B of the
Securitisation and Reconstruction of Financial Assets and Enforcement
INDIAN BANK,
5. MATHEW VARGHESE, MEENATHEKATTIL HOUSE
6. THE TAX RECOVERY OFFICER, INCOME TAX
For Petitioner :SRI.DEVAN RAMACHANDRAN
For Respondent :SRI.P.PARAMESWARAN NAIR ... appellant's property
effected by the second respondent-Bank under Securitisation Act . We
have heard counsel appearing for the appellant, standing counsel
appearing
applicability of the provisions of Second Schedule to the Income
Tax Act, 1961 in accordance with Section 29 of the Recovery of Debts ... Institutions Act, 1993 , the
Income Tax Act and the Income Tax (Certificate Proceedings) Rules, 1962
in the context of the Securitisation and Reconstruction of Financial
proceedings under the Securitisation Act . According to Adv.Easwaran, the
non-adjudicatory measures contemplated under section 14 of the
Securitisation Act cannot ignore the crystallisation ... entitled to continue with the securitisation
proceedings initiated as per the notices issued under section 13(2) of the
Securitisation Act in 2015, subject
petitioner in both the matters is the
Authorised Officer empowered under the Securitisation Act . The
impugned order is the common order ... cit) in detail and has affirmed that the act of taking
symbolic possession is not at all contemplated by the provisions
of the Securitisation
under attachment with the Income Tax Department. According to the
petitioner, though the liability due to the Income Tax Department was
allegedly around ... caused to the Income Tax
Department while petitioner could be saved from the threat of
proceedings under the Securitisation and Reconstruction of Financial
P.M.Kelukutty vs Young Men'S Christian Association on 19 January, 2016
Equivalent
similar to a demand notice under Section
156 of the Income Tax Act.
12. I would regretfully, but, most respectfully, note ... respondent bank from taking action in accordance with
the provisions of the Securitisation Act .
Sd/-
A.V. RAMAKRISHNA PILLAI,
JUDGE