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2003 (12) TMI 4 - HC - Income TaxThe crime was registered against the petitioner and the other accused under sections 41(1)(d) and 102 of the Criminal Procedure Code. On March 20, 2003, the Circle Inspector of Police, Guruvayoor, intercepted an ambassador car in which accused Nos. 1 to 3 were travelling and seized Rs. 52 lakhs which was suspected to have been stolen. Accused Nos. 1 to 3 said that the money belonged to the petitioner and hence he was also made an accused in the crime. - On conducting investigation it was found that the currency notes seized were not stolen property and police filed a report to that effect in the court of the Magistrate. According to the petitioner, the money seized is his business income. The Assistant Director of Income-tax (Investigation), in the court of the Judicial Magistrate of the First Class, stating that the money seized was the unaccounted income from the business of the petitioner and requesting that the amount may be released to the Income-tax Department. Magistrate dismissed the petition stating that until a final report is filed by the police the amount could not be released.
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