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of <h1>High Court Orders Asset Release as Full Settlement Made, Disposes Writ Petition</h1> The High Court ordered the release of assets to the petitioner as the entire amount due per Settlement Commission's order was paid, and no further amount ... Search Of Assets, Discharge Of Liability - The contention of the writ petitioner is that the entire amount due has been paid by the petitioner pursuant to the order passed by the Settlement Commission and no further amount is due and payable. The writ petitioner has made an application on June 21, 2001, under section 132B(3) of the Income-tax Act, 1961, before the Chief Commissioner of Income-tax, but the same has been kept pending in spite of repeated reminders. - When the application was filed on June 21, 2001, the application should have been disposed of forthwith and if any amount was due that should have been paid under such circumstances we are of the view that the assets should have been released. The respondents have unnecessarily retained the assets - we are of the view that unless it can be shown that any further amount is due from the writ petitioner the assets are to be released The writ petitioner paid the entire amount due as per Settlement Commission's order. Application under section 132B(3) of Income-tax Act was pending. High Court ruled that assets should be released if no further amount is due from the petitioner. Assets to be released within two weeks. Writ petition and application for interim relief disposed of.
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