https://www.taxtmi.com/caselaws?id=419120 Where income-tax proceedings concerning alleged undisclosed income were already pending, seized cash was not to be released to the claimant as interim custody. The Court treated the pending statutory assessment as determinative and held that the cash should remain under judicial custody, kept in fixed deposit, until assessment was finalised. It also preserved the Income Tax Authority's right to seek release of the amount lawfully recoverable after completion of proceedings. The order directing return of the seized cash was therefore set aside, and the money remained under judicial control pending final tax assessment. en-us Tue, 15 Feb 2022 00:00:00 +0530 Fri, 24 Jun 2022 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419120 Where income-tax proceedings concerning alleged undisclosed income were already pending, seized cash was not to be released to the claimant as interim custody. The Court treated the pending statutory assessment as determinative and held that the cash should remain under judicial custody, kept in fixed deposit, until assessment was finalised. It also preserved the Income Tax Authority's right to seek release of the amount lawfully recoverable after completion of proceedings. The order directing return of the seized cash was therefore set aside, and the money remained under judicial control pending final tax assessment. Case-Laws Income Tax Tue, 15 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419120