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2010 (10) TMI 845 - KERALA HIGH COURTViolation of the provisions of the FEMA - interception of Skoda car somewhere in the Wayanad District and on search of the vehicle they recovered an amount of 88,00,000/- in cash from the said vehicle - according to the respondents the total tax liability tentatively fixed for three financial years, i.e. 2007-08, 2008-09 and 2009-2010 is Rs.49,86,393/- and the respondents are of the opinion that the appellant would also be liable to pay penalty for an amount of Rs.10,37,940/- - Held that:- It is not very clear from the record nor the respondents is able to make any statement regarding the time frame required for completing the assessment against the appellant. We are informed that the total amount lying with the respondents as on 28.7.2010, the date on which the statement in the writ petition was filed, is Rs.1,03,79,468/-, i.e. the seized amount of Rs.88,00,000/- plus the interest accrued thereon. We are also informed that pursuant to the order of the learned Single Judge the respondents have already released the amount in excess of Rs.65,00,000/- out of the above mentioned amount. In the circumstances, we deem it appropriate to modify the judgment under appeal directing the respondents to retain only an amount of Rs.40,00,000/- and release the balance amount subject to the condition that the appellant furnishes security either by way of producing bank guarantee or immovable property security to the satisfaction of the third respondent for an amount of Rs.25,00,000/-.
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