Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (10) TMI 77 - CALCUTTA HIGH COURTRetention of bonds which had been seized during the search and seizure operation - By the impugned order the learned single judge directed the Revenue authorities to release to the writ petitioner/respondent 9 per cent. R.B.I. Relief Bonds, valued at Rs. 7.2 crores which had been seized during the search and seizure operation under section 132 - In our view, once the block assessment in respect of the seized bonds was set aside by the Commissioner of Income-tax (Appeals) the right of the Revenue to retain the said bonds ceased, unless, of course, an appropriate order of stay had been obtained by the Revenue in the pending appeal before the Income-tax Appellate Tribunal. - We, therefore, see no reason to interfere with the judgment and order under appeal and the appeal and the revenue’s application are both dismissed
|