1991 (12) TMI 45 - HC - Income Tax

Summary

The High Court of Delhi ruled on a case involving authorizations under the Income-tax Act, 1961. Restraint orders were issued for refunds due to oversubscription of shares. The restraint order was converted to a deemed seizure, absolving the petitioner of liability under other laws. The petitioner's counsel stated that penalties should not be imposed for inadvertent refunds. The petition was disposed of accordingly.