Release of seized money with security and bond conditions where no rival claimant existed and custody had continued for long.

Seized money kept in police custody was considered fit for release to the petitioners because it had remained under seizure for a substantial period, no rival claimant had emerged, and the respondents did not dispute the absence of any competing claim. Release was directed subject to safeguards, including security other than cash or bank guarantee and a personal bond ensuring cooperation before the Income-tax Department. The operative effect was release of the seized amount in favour of the petitioners, while preserving the department's ability to secure compliance through non-cash conditions.

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Issues: Whether the seized money lying in police custody should be released to the petitioners subject to security and bond conditions.

Analysis: The amount had remained in seizure for a substantial period, no rival claimant had come forward, and the respondents did not dispute that there was no competing claim apart from the petitioners. In these circumstances, release of the money was considered appropriate, while safeguarding the proceedings by requiring security other than cash or bank guarantee and a personal bond for cooperation before the Income-tax Department.

Conclusion: The seized money was ordered to be released in favour of the petitioners subject to the stated conditions.

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