TMI Blog2020 (3) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... outset, learned counsel is confronted with the judgment of Supreme Court in the case of Director General of Income Tax (Investigation) and others Versus Spacewood Furnishers Pvt. Ltd. And others; (2015) 374 ITR 595 (SC) . As a matter of fact, it would be appropriate to reproduce the relevant portion at this juncture itself:- 21. Before we advert to the specific reasoning of the High Court, one specific aspect of the opinion expressed by the High Court needs to be taken note of inasmuch as the precise position in law in this regard needs to be clarified. The above aspect is highlighted by the following observations of the High Court expressed in paragraph 6 of the impugned order:- We, however, express that when the satisfaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... containing the reasons for the satisfaction arrived at by the authorities under the Act. We have already indicated the time and stage at which the reasons recorded may be required to be brought to the notice of the assessee. In the light of the above, we cannot approve of the aforesaid part of the exercise undertaken by the High Court which we will understand to be highly premature; having the potential of conferring an undue advantage to the assessee thereby frustrating the endeavor of the revenue, even if the High Court is eventually not to intervene in favour of the assessee. 3. Thereafter, learned counsel for the revenue has placed before us, the reasons which were recorded at the time of converting the survey into search. It seems ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rejected. 6. The third contention of the learned Senior counsel is 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. 7. 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. 8. Learned counsel for the 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. 9. In these circumstances, we deem it appropriate to direct the petitioner to furnish th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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