https://www.taxtmi.com/caselaws?id=327598 The court held that the warrants of authorization under Section 132 (A) of the Income Tax Act were invalid, directing the immediate release of seized gold bars and Indian currency. The Enforcement Directorate's actions in seizing assets were found unjustified, leading to the release of the assets to the petitioners. The court emphasized the lack of legal basis for the continued retention of the assets by the Income Tax Department and dismissed appeals related to the interpretation of Section 37 of the FEMA, leaving the question open for future clarification. en-us Thu, 12 May 2016 00:00:00 +0530 Fri, 24 Jun 2016 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327598 The court held that the warrants of authorization under Section 132 (A) of the Income Tax Act were invalid, directing the immediate release of seized gold bars and Indian currency. The Enforcement Directorate's actions in seizing assets were found unjustified, leading to the release of the assets to the petitioners. The court emphasized the lack of legal basis for the continued retention of the assets by the Income Tax Department and dismissed appeals related to the interpretation of Section 37 of the FEMA, leaving the question open for future clarification. Case-Laws Income Tax Thu, 12 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327598