https://www.taxtmi.com/caselaws?id=446729 The HC held that petitioner was entitled to return of Rs. 30,00,000 in demonetized currency notes seized by Election Officer during Nagar Panchayat elections. Though RBI refused to accept the notes as they ceased being legal tender after 31/12/2016, the court found that Income Tax Authorities had properly seized the amount under Section 131 of Income Tax Act 1961, declared it as additional income, and collected requisite tax and interest. Since seizure was effected by a law enforcement agency prior to the appointed day and proper formalities were completed, petitioner was entitled to refund. HC directed RBI to accept the notes and deposit equivalent amount for refund to petitioner within six weeks. en-us Thu, 30 Nov 2023 00:00:00 +0530 Sat, 09 Dec 2023 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446729 The HC held that petitioner was entitled to return of Rs. 30,00,000 in demonetized currency notes seized by Election Officer during Nagar Panchayat elections. Though RBI refused to accept the notes as they ceased being legal tender after 31/12/2016, the court found that Income Tax Authorities had properly seized the amount under Section 131 of Income Tax Act 1961, declared it as additional income, and collected requisite tax and interest. Since seizure was effected by a law enforcement agency prior to the appointed day and proper formalities were completed, petitioner was entitled to refund. HC directed RBI to accept the notes and deposit equivalent amount for refund to petitioner within six weeks. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446729