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2020 (1) TMI 693 - HC - Income TaxRelease of cash - cash seized in search at railway station - The proceedings before the said authority are pending adjudication - jurisdiction of Assessing officer - Cash is deposited in the PD account - HELD THAT:- AO is the final authority to release the amount subject to the conditions referred to therein. The proceedings before the said authority are pending adjudication. Further, Section 132B of the Act relates to procedure for applications and release of assets seized under Section 132 or requisitioned under Section 132A of the Act, and the matter is pending before the concerned assessing officer. Having regard to the guidelines issued by the Central Board of Direct Taxes and Section 132B of the Income Tax Act, the assessing officer shall take into account the advance tax paid, the documents filed along with the returns and pass appropriate orders in connection with the assessment at the earliest, preferably within a period of 3 months from today in accordance with law and release the cash to the extent permissible with interest if the petitioners are otherwise entitled to, after making necessary adjustments as required under law.
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