https://www.taxtmi.com/caselaws?id=397501 Seized cash was ordered to be released in interim custody where no income tax proceedings had been initiated against the petitioner and the employee in possession of the money had no objection to its release. The court noted that the Magistrate had refused custody on the assumption of pending departmental action, but the absence of such proceedings justified release with safeguards. The amount could be released subject to an undertaking before the Magistrate and a bond before the Income Tax Department, with a continuing obligation to produce or make the money available whenever required. en-us Fri, 14 Aug 2020 00:00:00 +0530 Thu, 20 Aug 2020 11:27:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397501 Seized cash was ordered to be released in interim custody where no income tax proceedings had been initiated against the petitioner and the employee in possession of the money had no objection to its release. The court noted that the Magistrate had refused custody on the assumption of pending departmental action, but the absence of such proceedings justified release with safeguards. The amount could be released subject to an undertaking before the Magistrate and a bond before the Income Tax Department, with a continuing obligation to produce or make the money available whenever required. Case-Laws Income Tax Fri, 14 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397501