Income Tax Department Authorized to Seize and Retain Cash Under Section 132A, Upholds Statutory Power in Financial Investigation

HC held that the Income Tax Department is entitled to requisition and retain seized cash under Section 132A of the Income Tax Act. Following investigation of theft involving Rs. 1,40,00,000/-, the department identified an unexplained amount of Rs. 35,28,000/-. The court allowed the department's petition, quashing previous judicial orders and permitting the department to deposit the entire seized amount of Rs. 35,28,000/- in the P.D. Account within four weeks, in accordance with Income Tax Act provisions and rules, thereby affirming the department's statutory authority to manage seized funds during ongoing proceedings. .....

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