https://www.taxtmi.com/caselaws?id=18369 Proceedings under section 132(5) of the Income-tax Act, 1961 are summary in nature and remain subordinate to the regular assessment. Once the regular assessment is completed, those proceedings cease to have justification and cannot be relied on to insist on a bank guarantee for release of seized assets. Any lawful tax recovery must thereafter proceed under Schedule II of the Act. The demand for a bank guarantee was therefore unsustainable, and release of the seized goods was directed in favour of the assessee. en-us Wed, 28 Feb 1996 00:00:00 +0530 Wed, 30 Sep 2009 14:01:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18369 Proceedings under section 132(5) of the Income-tax Act, 1961 are summary in nature and remain subordinate to the regular assessment. Once the regular assessment is completed, those proceedings cease to have justification and cannot be relied on to insist on a bank guarantee for release of seized assets. Any lawful tax recovery must thereafter proceed under Schedule II of the Act. The demand for a bank guarantee was therefore unsustainable, and release of the seized goods was directed in favour of the assessee. Case-Laws Income Tax Wed, 28 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18369