The High Court held as under:
1) Rule 10 of the
Second Schedule to the Income-Tax Act provides that all such property as is by
the Code of Civil Procedure, 1908, exempt from attachment and sale in execution
of a decree of a civil court shall be exempt from attachment and sale under
this Schedule.
2) Proviso to section60(1) of Code of Civil Procedure contains list of properties which shall not be
liable to attachment or sale which, inter alia, covers all deposits and other
sums derived from any fund to which the Public Provident Fund Act, 1968,
applies, in so far as they are
declared by the said Act as not to be liable to attachment;
3) Therefore, any
amount lying in the PPF account of a subscriber is immune from attachment and
sale for recovery of the income tax dues. As long as an amount remains invested
in a PPF account of an individual, the same would be immune from attachment
from recovery of the tax dues. - Dineshchandra
Bhailalbhai Gandhi v. Tax Recovery Officer [2014] 42 taxmann.com 300
(Gujarat)
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