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2015 (9) TMI 226 - HC - Income TaxJurisdiction under section 132A to continue to seize the cash - writ prayed directing the respondents to release cash of ₹ 32,64,560/- with interest at the rate of 15% per annum from the date of seizure till the date of payment - Held that:- When the petitioner failed to disclose the source of the aforesaid huge amount of cash and even his explanation was found to be incorrect and/or the petitioner could not substantiate his initial claim that the said amount was received by him from his father and family members by selling jeweleries and thereafter after recording the reasons when the amount has been requisitioned after valid authorisation, it cannot be said that the authorisation under section 132A of the IT Act is illegal, unauthorised and/or contrary to the provisions of the Act. So far as the prayer of the petitioner to release the balance amount after deducting tax on the aforesaid amount of ₹ 32,64,560/- treating the said amount as undisclosed income of the petitioner in the AY 2014-15 is concerned, as such considering section 153A of the IT Act the same is not required to be granted. In any case, application of the petitioner for release of the cash is pending before the appropriate authority / concerned AO, Palanpur office and considering proviso to section 132B of the IT Act, it is ultimately for the concerned AO to pass appropriate order on the application of the petitioner for release of the cash. It appears that no order has been passed by the concerned AO on the application submitted by the petitioner for release of the cash seized / requisitioned. Under the circumstances, the concerned AO is to be directed to pass appropriate order in accordance with law and on merits on the application submitted by the petitioner for release of the cash seized / requisitioned considering proviso to Sub-section (1) of Section 132(B) of the IT Act.However, considering the fact that no order has been passed by the concerned AO on the application submitted by the petitioner to release the cash requisitioned / seized, considering the proviso to section 132B of the AO (Palanpur office) is hereby directed to pass appropriate order on the said application in accordance with law and on merits considering proviso to section 132B of the IT Act, within a period of 12 weeks from today.
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