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Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Search warrant u/s 132 - Retention of cash seized in search - A return of income would be filed by the petitioner for the annual year 2019-20 only after 31st March, 2020. The explanation of the cash transaction can be expected to be found only after such return of income is filed by the petitioner. There is no basis for the respondents to presume that petitioner would not disclose the cash transaction in its Income Tax return which was not filed by the alleged date of seizure of the cash by the Police, i.e., 26.08.2019. - HC
Search warrant u/s 132 - Retention of cash seized in search - A return of income would be filed by the petitioner for the annual year 2019-20 only after 31st March, 2020. The explanation of the cash transaction can be expected to be found only after such return of income is filed by the petitioner. There is no basis for the respondents to presume that petitioner would not disclose the cash transaction in its Income Tax return which was not filed by the alleged date of seizure of the cash by the Police, i.e., 26.08.2019. - HC
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