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2021 (3) TMI 87 - HC - Income TaxValidity of seizure / requisition by income tax authority - assessment proceedings initiated by the jurisdictional Assessing Officer at Kolkata - HELD THAT:- Assessment proceedings have been opened before the jurisdictional Assessing Officer of the petitioner at Kolkata in respect of the seized money. The proceedings would lead to a conclusion as to whether petitioner or any other person is its rightful claimant. This Court in writ jurisdiction is not in a position to determine a question of fact as to whom does the money belong to lawfully. Respondent department has on instructions fairly stated that assessment proceedings would be concluded within a time-frame and if the assessment proceedings leads to a finding that the amount in question falls within the taxable income of a concerned person/assessee and the tax thereupon stands paid or partly paid, the admissible amount or part of it could be refunded to the person / assessee concerned. This Court is of the opinion that the stand of the respondent department is fair. In those circumstances, the assessment proceedings initiated by the jurisdictional Assessing Officer at Kolkata be concluded within a time-frame of preferably 3 (three) months. Petitioner and any other person including Mr. Sanjay Agarwal and Mr. Sashi Kant Jha should appear and cooperate in the proceedings. Let this petitioner and others be noticed to appear on 10th of March, 2021 before the jurisdictional Assessing Officer at Kolkata. On conclusion of the assessment proceedings against the respective persons and the petitioner herein, in case the Assessing Officer finds that the amount in question has rightly been claimed by the petitioner or any other person, and that the income tax or part of the tax have already been paid, and that refund is admissible as the case may be, the same be refunded to the concerned person in accordance with law and as per the provisions of Chapter XIX of the Act without any delay thereafter, with statutory interest, if any.
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