https://www.taxtmi.com/caselaws?id=447938 The Rajasthan HC held that the Directorate of Enforcement's prolonged retention of seized currency violated statutory provisions. Despite search conducted on 14/3/2019 and repeated representations in 2019-2020, authorities neither released assets nor rejected applications with reasons. Even after show cause notice issued on 16/10/2020 and response filed on 19/3/2021, no determination occurred after 2 years 9 months. The court found this violated Section 132B of Income Tax Act, 1961 (applicable via Section 37(3) FEMA 1999), which mandates asset release within 120 days unless liability determined. Petition partly allowed; respondents directed to release seized assets within four weeks. en-us Wed, 03 Jan 2024 00:00:00 +0530 Tue, 09 Jan 2024 08:34:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447938 The Rajasthan HC held that the Directorate of Enforcement's prolonged retention of seized currency violated statutory provisions. Despite search conducted on 14/3/2019 and repeated representations in 2019-2020, authorities neither released assets nor rejected applications with reasons. Even after show cause notice issued on 16/10/2020 and response filed on 19/3/2021, no determination occurred after 2 years 9 months. The court found this violated Section 132B of Income Tax Act, 1961 (applicable via Section 37(3) FEMA 1999), which mandates asset release within 120 days unless liability determined. Petition partly allowed; respondents directed to release seized assets within four weeks. Case-Laws FEMA Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447938