JUDGMENT :

B.N. Mahapatra, J. - This writ petition has been filed with a prayer for quashing/ setting aside the prohibitory order dated 11.11.2010 (Annexure-1) passed u/s 132(3) of the Income Tax Act, 1961 (for short, 'the Act') in respect of Current Account No. 0553002100028097 of the Petitioner-Company maintained with O.P. No. 7-Punjab National Bank, Station Square Branch, Bhubaneswar and for declaratory relief declaring issuance of fresh warrant of authorization dated 07.01.2011 and Panchanama dated 08.01.2011 and withdrawal of Rs. 12.39 crores from the aforesaid Current Bank Account of the Petitioner by opposite party-bank authorities is illegal and without jurisdiction. The further prayer of the Petitioner is to direct opp. parties to bring back Rs. 12.39 crores in the above Current Account of the Petitioner in question maintained with Opposite Party No. 7-Bank.

2. Bereft of unnecessary details the facts and circumstances giving rise to the present writ petition are that the Petitioner is a Company incorporated on 9th August 2006 under the provisions of the Companies Act, 1956 ( in short, "Companies Act") having its registered office at HUL building, 2nd floor, 9 Shakespeare Sar