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2018 (8) TMI 206 - HC - Income TaxSearch operation u/s 132 - unexplained cash found - uncompleted assessment proceedings - interest demand - Held that:- In the present case, assessment proceedings are yet to be completed. Further, the search and seizure operation was carried out not only at the business premises of the petitioners but also at the banks in which they had their accounts and in those accounts huge unexplained cash was deposited by the petitioners. The entire unexplained amount found at the business premises as well as bank accounts were seized and a bank draft was got prepared and the amount was deposited in the P.D. Account to meet the final liabilities towards tax of the petitioners after the assessment proceedings get over. Unless the assessment proceedings are completed, the amount could not have been released to the petitioners. There is no question of payment of any interest at this stage when the liabilities of the petitioners are yet to be finalised after assessment proceedings under Section 153-A of the Act get over. This writ petition is not maintainable as it is barred by principle of res judicata neither it has any merit and substance. We, therefore, dismiss this writ petition.
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