https://www.taxtmi.com/caselaws?id=446729 Specified bank notes seized by a law enforcement agency before the appointed day, after completion of proceedings under the Income-tax Act, 1961, were treated as covered by proviso (d) to Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017. The note explains that the statutory bar on holding or transferring such notes does not prevent return of seized cash where seizure was made on proper authorisation and the prescribed procedure was completed. On that basis, the court-directed deposit of the notes with the Reserve Bank of India was permissible, and refund of the equivalent amount could not be denied merely because the notes had been demonetised. 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 Specified bank notes seized by a law enforcement agency before the appointed day, after completion of proceedings under the Income-tax Act, 1961, were treated as covered by proviso (d) to Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017. The note explains that the statutory bar on holding or transferring such notes does not prevent return of seized cash where seizure was made on proper authorisation and the prescribed procedure was completed. On that basis, the court-directed deposit of the notes with the Reserve Bank of India was permissible, and refund of the equivalent amount could not be denied merely because the notes had been demonetised. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446729