https://www.taxtmi.com/caselaws?id=5364 Cash seized by the Income-tax Department under section 132(1) was not entitled to release merely because the assessee claimed it was meant for investment in Special Bearer Bonds. The Supreme Court held that the immunity under the Special Bearer Bonds (Immunities and Exemptions) Act, 1981 applies only to moneys already invested in bearer bonds, where the Department cannot inquire into the source of acquisition. That immunity does not cover cash found and seized under the ordinary seizure powers of the Income-tax Act, and the bond scheme operates independently of those statutory powers. The claim to immunity therefore failed, and the seizure was upheld. en-us Thu, 12 Mar 1992 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5364 Cash seized by the Income-tax Department under section 132(1) was not entitled to release merely because the assessee claimed it was meant for investment in Special Bearer Bonds. The Supreme Court held that the immunity under the Special Bearer Bonds (Immunities and Exemptions) Act, 1981 applies only to moneys already invested in bearer bonds, where the Department cannot inquire into the source of acquisition. That immunity does not cover cash found and seized under the ordinary seizure powers of the Income-tax Act, and the bond scheme operates independently of those statutory powers. The claim to immunity therefore failed, and the seizure was upheld. Case-Laws Income Tax Thu, 12 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5364