Template Description

 This template provides a formal request to the concerned authority for the release of a bank account following a stay of demand granted by an assessing officer. The template 2 page in MS Word format, designed to assist individuals or firms in addressing situations where their bank account has been attached due to pending tax disputes. Intended user include Taxpayers and Assessees, Chartered Accountants, Tax Advisors, Legal Representatives, Finance Managers and CFOs, Accounts and Finance Departments, Tax Authorities and Assessing Officers Accounting Firms.

Understanding the Request to Release Bank Account

Terminologies:

• Bank Account Attachment: A situation where a bank account is frozen or restricted due to outstanding tax demands or legal disputes.
• Stay of Demand: A legal order that temporarily halts the enforcement of a tax demand, usually pending the outcome of an appeal or further proceedings.
• Honourable Tribunal: An appellate authority where appeals against lower court or administrative decisions are heard and adjudicated.

Procedure for Requesting Release of Bank Account:

1.   Preparation of Request Letter:

• Date and Address: Clearly mention the date of the request and address it to the appropriate authority in the department handling the case.
• Subject and Reference: Specify the subject as a request to release the bank account and refer to the relevant grant of stay of demand letter.

2.   Details of the Assessment Order:

• Assessment Information: Provide details about the original assessment order, including the total income determined and the demand raised.
• Appeal Details: Mention the appeal process, including the appeal to the Ld. CIT(A) and the subsequent second appeal to the Honourable Tribunal, with outcomes of each stage.

3.   Request for Action:

• Request for Deletion of Demand: Formally request the authority to delete the outstanding demand from the IT Portal.
• Instruction to Bank: Ask the authority to instruct the bank to lift the attachment and cease any recovery proceedings against the bank account.

4.   Supporting Documents:

• Attach Relevant Orders: Include copies of all relevant orders and decisions from the Honourable Tribunal to support your request.

5.   Closing and Signature:

• Signatory Details: Include the name and signature of the representative or firm, specifying the role if applicable (e.g., Chartered Accountant).

Conclusion

This request letter template is essential for individuals or entities facing issues with attached bank accounts due to unresolved tax disputes. It provides a structured format for formally addressing the concerned authorities and facilitating the release of bank accounts in light of favourable tribunal decisions. By following this template, you can ensure a clear and effective communication of your request, thus potentially expediting the resolution of such issues.