https://www.taxtmi.com/caselaws?id=17255 The court partially allowed the writ application challenging the income-tax authorities' actions under section 132 of the Income-tax Act, 1961. It directed authorities to refund or deposit the withdrawn sum from assets like fixed deposit receipts. The court emphasized that authorities cannot realize assets without a final assessment and demand creation, highlighting unauthorized encashment of fixed deposit receipts. It instructed authorities to refrain from further encashments until assessment and demand creation, allowing renewal of deposits when needed. The petitioners were granted interest from the encashment date till restoration or renewal of fixed deposit receipts. en-us Thu, 24 Apr 1997 00:00:00 +0530 Mon, 21 Sep 2009 11:29:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17255 The court partially allowed the writ application challenging the income-tax authorities' actions under section 132 of the Income-tax Act, 1961. It directed authorities to refund or deposit the withdrawn sum from assets like fixed deposit receipts. The court emphasized that authorities cannot realize assets without a final assessment and demand creation, highlighting unauthorized encashment of fixed deposit receipts. It instructed authorities to refrain from further encashments until assessment and demand creation, allowing renewal of deposits when needed. The petitioners were granted interest from the encashment date till restoration or renewal of fixed deposit receipts. Case-Laws Income Tax Thu, 24 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17255