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2018 (6) TMI 1588 - GUJARAT HIGH COURTRelease of FDR and the jewellery seized in search u/s 132 - assessment u/s 153A - Adjustment of outstanding demand - HELD THAT:- Entire cash amount seized during the search proceedings was adjusted against various demands raised during the assessment proceedings and even the details of adjustment has been provided to the assessee by a letter dated 21.06.2018. Thus, it appears that there is no question of return and/or release of cash seized during the proceedings as the same were already adjusted earlier in the year 2014. Revenue has stated at the Bar that after adjustment of the outstanding demand in the case of Saritha Gupta, the balance of fixed deposit receipts will be released at the earliest. At this stage, it is required to be noted that there is no demand of outstanding reported in the case of Sandeep Gupta. Thus, after adjustment of outstanding demand of ₹ 9,24,501/= shown as outstanding in the case of Saritha Gupta, the balance fixed deposit receipt as well as the jewellery seized during the course of search conducted on 08.09.2010 is required to be returned. There is no justification to continue with the seizure of such fixed deposit receipts, jewellery and national savings certificates etc. [after deducting ₹ 9,24,501/= (with interest under the law)], shown to be outstanding in the case of one of the assessees – Smt. Saritha Gupta.
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