https://www.taxtmi.com/caselaws?id=31111 The court ruled in favor of the petitioner, M/s. Bipinson Jewellers, ordering the release of seized cash amounting to Rs.1.14 crores under section 132B(1)(i) of the Income Tax Act, 1961. The court found that the petitioner provided a satisfactory explanation for the seized cash, demonstrating that it belonged to another entity, M/s. Vimalson Jewellers. As there was no evidence indicating the cash represented undisclosed income, the court quashed the impugned order and directed the release of the cash to the petitioner with interest at 6% per annum from the date of seizure. en-us Wed, 17 Oct 2007 00:00:00 +0530 Sun, 19 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31111 The court ruled in favor of the petitioner, M/s. Bipinson Jewellers, ordering the release of seized cash amounting to Rs.1.14 crores under section 132B(1)(i) of the Income Tax Act, 1961. The court found that the petitioner provided a satisfactory explanation for the seized cash, demonstrating that it belonged to another entity, M/s. Vimalson Jewellers. As there was no evidence indicating the cash represented undisclosed income, the court quashed the impugned order and directed the release of the cash to the petitioner with interest at 6% per annum from the date of seizure. Case-Laws Income Tax Wed, 17 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31111