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2020 (3) TMI 690 - PUNJAB AND HARYANA HIGH COURTNotice u/s 131 - action of respondent under Sections 132 - ground taken is that there were no reasons to believe that the income has been concealed and that in any case, the money could not have been seized - HELD THAT:- Revenue has placed before us, the reasons which were recorded at the time of converting the survey into search. It seems to us at this stage that the reasons disclosed cannot said to be non-existent and arbitrary. Faced with this, learned Senior counsel sought to argue that the action subsequent to the search show the arbitrariness of the search operation. We are afraid it would not be possible for us to comment on anything which is foreign to the writ petition. Next contention that the money which was seized was not in the form of cash but in the form of bank deposit and there was no requirement to seize it, we put it to him that money could be returned to the petitioner subject to the petitioner providing adequate surety in case any liability is created. Petitioner states that he has no objection. He has further argued that even till date no demand is pending. Learned counsel for the revenue has objected to point out that this is not an entirely correct factual situation because this Court granted stay of final order. We deem it appropriate to direct the petitioner to furnish the Bank guarantee for the amount seized (along with whatever the interest has accrued in this interregnum) and once that is done, the revenue shall refund the amount to the petitioner.
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