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2004 (4) TMI 56 - HC - Income TaxSearch and seizure - money lying in the bank or in the custody of the bank – Petitioner contend that revenue official cannot seize anything or any substance other than mentioned in the section 132 - Petitioner contend that action on part of the respondents in the name of search and seizure aiming to obstruct and/or prevent the petitioners from encashment, as well as the bank from honouring the managers' cheques is unauthorised and not permitted under the provisions of the said Act - This order is passed keeping in view the possibility that in the event any absolute order of injunction is passed in favour of the petitioners consequently the money is allowed to be withdrawn and the writ petition is dismissed ultimately, then it will be impossible to recover the probable tax dues that might be assessed, whereas, if the writ petition succeeds then the amount that will be invested in the short-term fixed deposits and the interest to be fetched thereon will enure to the benefit of all the petitioners.
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