Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
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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