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TMI Blog1979 (7) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... an, second respondent herein, was walking along the road in Calicut town when the police stopped him on suspicion, searched him and found, in a bag which he was carrying, a sum of rupees one lakh in currency notes of one hundred rupee denomination. He was arrested under ss. 54 and 550 of the Cr. PC and produced before the Sub-Magistrate I, Kozhikode. The Magistrate remanded him to custody. The pol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed C.M.P. No. 1/71 before the Sub-Magistrate praying that the amount seized from Beevan may be paid to him under s. 132 of the I.T. Act as it represented wholly or partly property or income which had not been disclosed for the purposes of the I.T. Act. Later, Beevan was assessed to pay income-tax of Rs. 58,501 and a penalty of Rs. 42,900 and the ITO (Recovery), Calicut, filed C.M.P.No. 54/71 befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Criminal Revision Petition No. 1 of 1972. But the ITO (Recovery) did not file any further criminal revision petition. He allowed the order of District Magistrate affirming the order of the Sub-Magistrate rejecting his application under s. 226(4) of the I.T. Act to become final. The High Court dismissed the ITO, Assessment IV's criminal revision petition, on the ground that s. 132(1)(iii) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of that section, once an assessment is completed. Seizure under s. 132 relates to a pre-assessment stage. If an assessment is completed before the seizure is effected and while the assets are still in the custody of the court, the appropriate remedy for the revenue is to make an application under s. 226(4) of the I.T. Act. That was what was done in the present case too. The earlier petition by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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