https://www.taxtmi.com/caselaws?id=393546 The Court upheld the legality of the notice issued under Section 131 of the Income Tax Act and the subsequent actions under Sections 132 of the Act against a cooperative society of bank employees. The Court found the reasons recorded during the search operation to be valid and not arbitrary. The petitioner was directed to provide a bank guarantee for the seized amount, and upon compliance, the revenue was ordered to refund the money along with accrued interest. en-us Wed, 15 Jan 2020 00:00:00 +0530 Wed, 18 Mar 2020 15:45:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393546 The Court upheld the legality of the notice issued under Section 131 of the Income Tax Act and the subsequent actions under Sections 132 of the Act against a cooperative society of bank employees. The Court found the reasons recorded during the search operation to be valid and not arbitrary. The petitioner was directed to provide a bank guarantee for the seized amount, and upon compliance, the revenue was ordered to refund the money along with accrued interest. Case-Laws Income Tax Wed, 15 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393546