https://www.taxtmi.com/caselaws?id=264083 The court addressed the attachment and seizure of a savings bank account under Section 132 of the Income Tax Act, 1961. It found a discrepancy between the assessed liability and the seized amount, emphasizing the failure to release the balance amount under Section 132-B. The court interpreted CBDT Instruction No. 11/2006 and directed the release of the excess assets, emphasizing statutory obligations over executive instructions. Judicial intervention was sought for the release of the balance assets, directing the tax authorities to promptly decide on the petitioner's representation to ensure compliance with statutory provisions. en-us Fri, 04 Sep 2015 00:00:00 +0530 Thu, 17 Sep 2015 08:03:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264083 The court addressed the attachment and seizure of a savings bank account under Section 132 of the Income Tax Act, 1961. It found a discrepancy between the assessed liability and the seized amount, emphasizing the failure to release the balance amount under Section 132-B. The court interpreted CBDT Instruction No. 11/2006 and directed the release of the excess assets, emphasizing statutory obligations over executive instructions. Judicial intervention was sought for the release of the balance assets, directing the tax authorities to promptly decide on the petitioner's representation to ensure compliance with statutory provisions. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264083