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2009 (5) TMI 8 - BOMBAY HIGH COURTPetitioner No.2 (NRI) is the Chairman and Managing Director of the petitioner No.1 company - provisional attachment u/s 281B - tax fraud - shares held by the petitioner No.2 in demat account are not trading assets but are investments made out of funds brought to India which prima facie appears to be the amounts remitted by the petitioner No.1 as marketing and advertisement expenses to Cyprus / UK based companies – therefore, attachment of the shares of the petitioner No.2 in demat account on the ground that they represent undisclosed income of the petitioner No.2, cannot be faulted - search and seizure u/s 132(1) is in accordance with law
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