https://www.taxtmi.com/caselaws?id=20176 The court held that the respondents unlawfully retained the seized assets under Section 132(5) of the Income-tax Act and directed their immediate return. The court emphasized that assets seized could only be used to satisfy existing liabilities and not for subsequent liabilities. Additionally, the court ruled that the petitioners were entitled to interest on amounts exceeding their liabilities. The respondents were ordered to return the assets promptly and pay interest as required by the Act. The writ application was allowed without costs. en-us Wed, 21 Jul 1993 00:00:00 +0530 Thu, 12 Nov 2009 12:36:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20176 The court held that the respondents unlawfully retained the seized assets under Section 132(5) of the Income-tax Act and directed their immediate return. The court emphasized that assets seized could only be used to satisfy existing liabilities and not for subsequent liabilities. Additionally, the court ruled that the petitioners were entitled to interest on amounts exceeding their liabilities. The respondents were ordered to return the assets promptly and pay interest as required by the Act. The writ application was allowed without costs. Case-Laws Income Tax Wed, 21 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20176