9911796707
TMI Blog2022 (9) TMI 1191X X X X Extracts X X X X X X X X Extracts X X X X ..... s.9,00,000/- in old currency notes seized by the Police Authorities under an order of seizure in terms of order dated 27.03.2017 (Annexure P-5) by respondent No.5. 2. Briefly the facts of the case are that the petitioner was carrying an amount of Rs.9,00,000/- in his car on 20.12.2016 when the same were seized by police under Section 102 of the Code of Criminal Procedure. The petitioner joined the investigation and submitted his Income Tax Returns for the Assessment Year 2015-16 along with Bank Statement. The authorities were satisfied with the documents but SHO said that the amount would be released after approval from the Income Tax Office. However, no action was taken despite numerous representations. Asstt. Director of Income Tax, howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord the position in law as regards the provisions of the Specified Bank Notes (Deposit of Confiscated Notes) Rules, 2017 (hereinafter referred to as SBN Rules) issued by the Central Government on May 12, 2017 in exercise of the powers conferred by sub-section (1) of section 11, read with clause (c) of the proviso to section 5, of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 (2 of 2017) and the position of the Reserve Bank on the issue under determination. This respondent reserves right to file a further detailed reply on merits in case so found necessary at a future date. A copy of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 is annexed and marked as Annexure R-1 to this reply. xxx xxx xxx 9. That on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen, that Government shall be entitled, on production of the direction of the court, to deposit or exchange such SBNs; or (c) in case SBNs are placed in the custody of any other person by an order of the court on or before the 30th day of December, 2016, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such SBNs, the serial numbers of which (i) have been noted by the law enforcement agency which confiscated or produced them before the court; and (ii) are mentioned in the direction of the court. 11. That the Specified Bank Notes (Deposit of Confiscated Notes) Rules 2017/ notified by the Central Government on May 12, 2017 do not apply to those SBNs confiscated or seized after the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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