https://www.taxtmi.com/caselaws?id=36045 The court dismissed the writ petitions filed by the creditors due to lack of locus standi. It upheld the validity of Section 132(3) of the Income Tax Act, finding compliance with procedural requirements. The court deemed the attachment of bank deposits as procedurally correct under Section 132(3), clarifying that "valuable thing" included incorporeal assets. The provisional assessment was recognized as an interim measure, with the final ownership determination to be made during assessment proceedings. en-us Tue, 23 Jan 1979 00:00:00 +0530 Fri, 19 Mar 2010 10:47:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36045 The court dismissed the writ petitions filed by the creditors due to lack of locus standi. It upheld the validity of Section 132(3) of the Income Tax Act, finding compliance with procedural requirements. The court deemed the attachment of bank deposits as procedurally correct under Section 132(3), clarifying that "valuable thing" included incorporeal assets. The provisional assessment was recognized as an interim measure, with the final ownership determination to be made during assessment proceedings. Case-Laws Income Tax Tue, 23 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36045