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2009 (8) TMI 102 - HC - Income TaxProceeding under section 132 - notices issued under section 158BC - there was relevant material before the Director of Income-tax (Investigation) to form the requisite opinion, having reason to believe that there had been unaccounted money/assets with the petitioners. It cannot be said that there was no material to initiate proceeding under section 132 of the Act. At the stage of authorisation to search and seizure under section 132 of the Act the consideration is as to whether there is some relevant material so as to warrant proceeding under section 132 of the Act. The question of sufficiency cannot be gone into at the time of initiation of proceeding under section 132 of the Act and consequently the notices issued under section 158BC were valid and were issued in accordance with law.
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