https://www.taxtmi.com/caselaws?id=350007 Cash standing to the credit of a bank account may be treated as an asset for seizure purposes, and a later declaration under the Pradhan Mantri Garib Kalyan Yojana, 2016 does not by itself displace Section 132B. On the facts noted, the Court found that release of Rs. 5 crores from the seized amount would not prejudice the Department because sufficient funds would remain available to secure any further demand or proceeding. It also noted that, if the scheme declaration was ultimately accepted, the petitioner would be entitled to the remaining release sought, while the RBI bonds would stay with the Department as security until pending or future proceedings concluded. en-us Wed, 11 Oct 2017 00:00:00 +0530 Thu, 31 May 2018 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350007 Cash standing to the credit of a bank account may be treated as an asset for seizure purposes, and a later declaration under the Pradhan Mantri Garib Kalyan Yojana, 2016 does not by itself displace Section 132B. On the facts noted, the Court found that release of Rs. 5 crores from the seized amount would not prejudice the Department because sufficient funds would remain available to secure any further demand or proceeding. It also noted that, if the scheme declaration was ultimately accepted, the petitioner would be entitled to the remaining release sought, while the RBI bonds would stay with the Department as security until pending or future proceedings concluded. Case-Laws Income Tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350007