JUDGMENT :

SONIA GOKANI, J.

1. The petitioner in the present petition challenges the attachment of the Bank Account No. 101040608001 maintained in HSBC Bank situated at C.G.Road, Ahmedabad with Rs. 10,97,72,399/- (Rupees Ten Crore Ninety-Seven Lakh Seventy-Two Thousand Three Hundred Ninety-Nine) since 18.11.2021 by letter nos. DDIT (Inv)/ Unit 6(1)/132 (9B) 2021- 22 dated 18.11.2021 under Section 132(9B) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’). This has been continued by a letter dated 21.12.2021 indefinitely till further orders.

1.1. The petitioner also challenges the continuing attachment of its Bank Account No. 855210062222 maintained with DBS Bank, Prahalad Nagar Branch, Ahmedabad since 18.11.2021 under Section 132(9B) of the Act by letter No. DDIT (Inv)/Unit 6(1)/132 (9B) 2021-22 dated 18.11.2021 and on expiry of six months of the operation of the said order, under an order dated 13.05.2022 passed by the respondent no.2 under Section 281(B) of the Act. Pursuant thereto, the respondent no.2 has attached the Fixed Deposit No. 552205260019 for an amount of Rs. 2,65,04,306/- (Rupees Two Crore Sixty-Five Lakh Four Thousand Three Hundred Six) of the petitioner in DBS Bank.

1.2. It is the say of the petitioner that the attachment of the HSBC Bank and DBS Bank account of the petitioner since 18.11.2021 under the guise of securing the interest of the revenue is ex-facie bad in law and is passed without any basis or reason which has seriously jeopardized the business operations of the petitioner company. The continuing of the attachment after a period of six months from the date of the order is also alleged to be bad in law and contrary to Section 132(9C) of the Act.

2. The petitioner is a private limited company incorporated on 27.04.2020 under the provisions of Companies Act and has an authorized capital of Rs. 51,80,00,000/- (Rupees Fifty-One Crore Eighty Lakhs) and the paid up capital of Rs. 19,66,81,000/- (Rupees Nineteen Crore Sixty-Six Lakh Eighty-One Thousand). It is engaged in the business of manufacturing of Injection Molding Machines. It is wholly owned subsidiary of Fu Chin Shin (FCS) Machinery Manufacturing Co. Ltd. (referred as “Fu Chun Shin Machinery Manufacturing Co. Ltd.” in Memorandum of Association) - a company incorporated in and under the laws of Taiwan. It has invested its funds in setting up its operations through FDI route and currently has 52 employees under its employment. The details of which has been provided.

2.1. A search through the office of Deputy Director of Income Tax (Inv), Unit 2(2) Mumbai has been conducted on 17.11.2021 at the premises of the petitioner situated at Ahmedabad which was concluded on 18.11.2021. During search, the statements were recorded and several materials, digital data, books of accounts and documents were seized by the Income Tax Authorities. Copy of the order dated 17.11.2021 under Section 133A(3)(ia) impounding the books of accounts along with panchanama is also brought on record.

2.2. The petitioner is impaired on account of the attachment of the two of its accounts with the DBS Bank and HSBC Bank and has made a request to release the attachment of the current bank accounts, however, the letter dated 02.12.2021 directed the Branch Manager, BDS Bank to continue to freeze the bank account. Thereafter also, once again similar request has been made but, by virtue of the subsequent directions, the attachment has continued. Thus, what emerges is that the first order attaching the bank accounts was passed on 13.05.2022. This provisional attachment under Section 281(B) of the Act had continued by virtue of the order dated 11.11.2022 which has been also challenged by way of draft amendment which is allowed by way of order dated 15.11.2022.

2.3. According to the petitioner, after the initial order, the office of the Principal Commissioner of the Income Tax, Ahmedabad-1 intimated the petitioner in view of the CBDT guidelines for centralization of search cases and