Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Seized cash cannot be automatically released after 120 days u/s 132B's second proviso. This proviso applies only after the Assessing Officer determines the existing liability and approves asset return. Without such determination, the second proviso does not apply. The first proviso lacks a timeline, while the second proviso requires the AO's assessment. Despite disclosures and applications, the AO did not decide on liability or asset return here. The High Court correctly held that Section 132B's second proviso does not mandate automatic release after 120 days. However, since cash was seized from petitioners' lockers after prior disclosure, authorities must decide on their application with a reasoned order within four weeks, potentially refunding with interest if the source is satisfactorily explained u/s 132B(4)(a)&(b).
Seized cash cannot be automatically released after 120 days u/s 132B's second proviso. This proviso applies only after the Assessing Officer determines the existing liability and approves asset return. Without such determination, the second proviso does not apply. The first proviso lacks a timeline, while the second proviso requires the AO's assessment. Despite disclosures and applications, the AO did not decide on liability or asset return here. The High Court correctly held that Section 132B's second proviso does not mandate automatic release after 120 days. However, since cash was seized from petitioners' lockers after prior disclosure, authorities must decide on their application with a reasoned order within four weeks, potentially refunding with interest if the source is satisfactorily explained u/s 132B(4)(a)&(b).
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