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2004 (4) TMI 57 - CALCUTTA HIGH COURTSearch and seizure – withholding of bonds/securities - Whether the pendency of the appeal will authorise and/or justify the Revenue to withhold the aforesaid Reserve Bank bonds or not - whether as on today or even on the date of filing of the writ petition whether there was any existing liability within the meaning of section 132B or whether such liability has been determined or not - Application of seized or requisitioned assets - Held that in order to withhold the security the Revenue should have made an application for stay before the Tribunal so that they could have retained seized RBI bonds. I think the Revenue is not interested in this matter seriously - Rather they are interested in obtaining adjournment - Under such circumstances, I do not find any reasons for withholding the securities by the Revenue. Accordingly, I direct the Revenue to release these securities
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