1. Rule, by consent returnable forthwith. Counsel appearing for the respondents waives service. By consent the petition is taken up for final hearing.

2. The challenge in these proceedings under Article 226 of the Constitution is to a notice of demand dated 29 February 2012 issued by the Income Tax Officer 19(3)(2) calling upon the petitioner to pay an amount of Rs.9.63 crores under Section 177(3) of the Income Tax Act, 1961 and to a garnishee notice dated 12 March 2012 addressed by the Assessing Officer to Axis Bank calling for payment under Section 226(3) of all amounts due from the Bank on account of the assessee to the extent of an amount of Rs.26.70 Crores.

3. The dispute in the present case relates to Assessment Year 2009-2010. The petitioner is a Trust registered with the Securities and Exchange Board of India as a Mutual Fund. The income of the petitioner is exempt under the provisions of Section 10 (23D). On 20 May 2008 a Trust by the name of India Corporate Loan Securitisation Trust, 2008 Series 14 was constituted by IL & FS Trust Company Ltd. The petitioner is one of the beneficiaries of the Trust. The Trust was set up for securitising a loan of Rs.300 crores wh