TMI Blog2000 (4) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... ary 19, 2000. The petitioners in both the writ petitions have moved the present applications praying that the seized amount be released to them subject to the petitioners furnishing bank guarantees for refund of the amount. The applications have been mainly contested on behalf of the Income-tax Department. So far as learned counsel appearing for the Director of Enforcement is concerned, his main concern has been that in the event of order of confiscation being passed in the adjudication proceedings against the petitioner, Amrik Singh, the case property which happens to be the said amount of cash should be available to the Department. Learned counsel argued that if the amount is ordered to be released to the petitioner at this stage, the mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2, 1997. A copy of this order has been placed on record by learned counsel for the Income-tax Department along with the reply to the present application. Learned counsel for the petitioners has also drawn our attention to the fact that as of today there is no demand existing against the petitioners so far as the Income-tax Department is concerned in respect to the money in question. As a matter of fact the assessment for the assessment year 1998-99 is admittedly still pending. Learned counsel for the Revenue was unable to dispute the fact that as of today no demand is pending with respect to this amount. About the applicability of section 132A, learned counsel submits that the statements made in the counter affidavit filed by the Income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income-tax Department, has submitted that a demand of Rs. 19,75,186 is pending against Shri Amrik Singh pursuant to an order passed under section 143(1) of the Income-tax Act with respect to the assessment year 1998-99. Learned counsel for the petitioners objects to this on the ground that now regular assessment proceedings under section 143(3) having been initiated the demand created pursuant to an order passed under section 143(1)(a) of the Act does not stand. Without going into this question, we leave it to the Income-tax Department to take whatever action may be available to them in law to realise the pending demand, if any. The result of the above discussion is that respondents Nos. 1 and 3 are directed to release the amount seize ..... X X X X Extracts X X X X X X X X Extracts X X X X
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