The petitioner-company is directed to file an affidavit that whether or not the subject properties are unencumbered and/or free of charge.
Section 83 of the CGST Act, 2017— Provisional Attachment of the Bank Accounts -- The petitioner challenged the order of attaching the bank accounts under Section 83 and also the rejection order dismissing the objections filed under Rule 159(5). As directed by the Court, the respondent counsel filed an affidavit wherein it is conveyed that the properties which the petitioner company offered to furnish as security bears a cumulative purchase value of Rs. 9,80,51,000/-. The petitioner counsel submitted that the cumulative value of the immovable properties is Rs. 10,44,00,000/-, if their circle rates are taken into account and the cumulative value of the said properties would be Rs. 11,47,30,000/-, if the purchase consideration is taken into account. The court observed that the GST liability of the petitioner company is Rs. 20.22 crores, which includes the principal amount of Rs. 17.26 crores along with interest amounting to Rs. 2.96 crores. The court asked the petitioner as to how the petitioner-company proposes to bridge the gap between the value of the properties and the amount claimed by the respondent.
Held that:-The Hon’ble High Court directed the petitioner-company to file an affidavit whether or not the subject properties are unencumbered and/or free of charge; whether the petitioner-company is willing to deposit the original title deeds with the respondents; the manner in which the petitioner-company proposes to bridge the monetary gap between the value of the properties and the liability towards GST as quantified by the respondents. List the matter on 5th March, 2021.
The petitioner-company is directed to file an affidavit that whether or not the subject properties are unencumbered and/or free of charge.
Section 83 of the CGST Act, 2017— Provisional Attachment of the Bank Accounts -- The petitioner challenged the order of attaching the bank accounts under Section 83 and also the rejection order dismissing the objections filed under Rule 159(5). As directed by the Court, the respondent counsel filed an affidavit wherein it is conveyed that the properties which the petitioner company offered to furnish as security bears a cumulative purchase value of Rs. 9,80,51,000/-. The petitioner counsel submitted that the cumulative value of the immovable properties is Rs. 10,44,00,000/-, if their circle rates are taken into account and the cumulative value of the said properties would be Rs. 11,47,30,000/-, if the purchase consideration is taken into account. The court observed that the GST liability of the petitioner company is Rs. 20.22 crores, which includes the principal amount of Rs. 17.26 crores along with interest amounting to Rs. 2.96 crores. The court asked the petitioner as to how the petitioner-company proposes to bridge the gap between the value of the properties and the amount claimed by the respondent.
Held that:-The Hon’ble High Court directed the petitioner-company to file an affidavit whether or not the subject properties are unencumbered and/or free of charge; whether the petitioner-company is willing to deposit the original title deeds with the respondents; the manner in which the petitioner-company proposes to bridge the monetary gap between the value of the properties and the liability towards GST as quantified by the respondents. List the matter on 5th March, 2021.