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2013 (10) TMI 72 - HC - Income TaxReturn of seized money - section 132A - The highly competent senior Special Public Prosecutor argued that ordering to return only part of the seized amount is contrary to law and facts of the case. As per Section 132A of the Income Tax Act, 1961, the Income Tax Department is empowered to enquire into the unexplained cash seized from the first respondent and had assessed the same in accordance with the relevant provisions of the Income Tax Act, 1961. Held that:- this Court does not find any lapse in the conclusions arrived at regarding the return of money in part to the accused on a stringent condition. - the seized amount should not be kept idle as "dead investment". The amount seized from the first respondent herein could be utilized until the veracity of the case has been determined. Hence, the interim order is maintainable. Therefore, the part amount had been released to the accused on condition that he executes a bond for a sum of Rs.6,00,000/- with one surety for likesum on condition that he shall return the amount to the Court as and when required. Therefore, the learned Magistrate's order will not be prejudicial to the interest of the Income Tax Department - Decided against the revenue.
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