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2014 (5) TMI 223 - HC - Income TaxValidity of authorization u/s 132A of the Act – Seizure of cash – Held that:- There was no reason to interfere in the order – as the Court has already held that the same matter has already tested – thus, any such challenge cannot be entertained. Refusal of the prayer to release cash u/s 132B of the Act – Held that:- The assessee has been taking contradictory stand regarding the source of the amount - Before the police authorities, he had stated that the amount was out of his personal savings and income from brokerage of diamonds –but, before the Department, he stated that the amount was received from his father and other relatives to enable him to set up his business – the assessment was not completed – the AO found that the cash cannot be released in terms of section 132B(1)(i) of the Act - expression "the nature and source of acquisition of any such asset is explained to the satisfaction of the AO" is therefore crucial - the AO held that there were inherent contradictions in the stand of the assessee regarding the source of the asset - the source of the asset was not explained as required under the first proviso to section 132B(1)(i) of the Act – thus, there was no infirmity in the order – Decided against Assessee.
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