https://www.taxtmi.com/caselaws?id=752656 The Bombay HC quashed search and seizure proceedings under Section 132 of the Income Tax Act, ruling that authorities lacked reasonable belief to initiate action. The court found that no prior summons or notices were issued to the petitioners, and the reasons recorded were merely pretextual with irrelevant material. The HC emphasized that information justifying search must exist prior to seizure, not be discovered during it. Following precedents from SC and previous HC decisions, the court held that authorities must possess specific information indicating non-compliance or concealment before exercising Section 132 powers. All consequent actions and notices were quashed, with the case decided in favor of the assessee. en-us Fri, 10 May 2024 00:00:00 +0530 Tue, 14 May 2024 08:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752656 The Bombay HC quashed search and seizure proceedings under Section 132 of the Income Tax Act, ruling that authorities lacked reasonable belief to initiate action. The court found that no prior summons or notices were issued to the petitioners, and the reasons recorded were merely pretextual with irrelevant material. The HC emphasized that information justifying search must exist prior to seizure, not be discovered during it. Following precedents from SC and previous HC decisions, the court held that authorities must possess specific information indicating non-compliance or concealment before exercising Section 132 powers. All consequent actions and notices were quashed, with the case decided in favor of the assessee. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752656