https://www.taxtmi.com/caselaws?id=21812 A restraint order under section 132(3) of the Income-tax Act, once converted into a deemed seizure under the second proviso to section 132(1), was treated as having the effect of refund to the concerned persons. On that basis, the Court stated that the person concerned would not incur liability under other laws in respect of the seized amounts, and non-refund of those amounts could not by itself justify penal action. The respondents also indicated that no penal action would be taken for bona fide omission or mistake, and the writ petitions were disposed of on that clarified legal position. en-us Fri, 06 Dec 1991 00:00:00 +0530 Tue, 01 Dec 2009 16:02:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21812 A restraint order under section 132(3) of the Income-tax Act, once converted into a deemed seizure under the second proviso to section 132(1), was treated as having the effect of refund to the concerned persons. On that basis, the Court stated that the person concerned would not incur liability under other laws in respect of the seized amounts, and non-refund of those amounts could not by itself justify penal action. The respondents also indicated that no penal action would be taken for bona fide omission or mistake, and the writ petitions were disposed of on that clarified legal position. Case-Laws Income Tax Fri, 06 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21812