https://www.taxtmi.com/caselaws?id=457827 Where seized cash was not taken in an income-tax search and no completed assessment or crystallised tax demand existed, the Revenue had no present basis to retain the money under the requisition or recovery provisions of the Income-tax Act. Interim custody had to be decided under Section 451 CrPC, so release to the Income Tax Department was not justified and interim return to the petitioner was warranted on security. A Magistrate also could not direct the Revenue to complete assessment within a court-fixed period, because assessment timelines are governed by the Income-tax Act and not by a Section 451 proceeding. The time-bound direction was therefore unsustainable, and the cash was ordered to be released to the petitioner subject to stipulated security. en-us Tue, 26 Sep 2023 00:00:00 +0530 Fri, 27 Sep 2024 21:11:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457827 Where seized cash was not taken in an income-tax search and no completed assessment or crystallised tax demand existed, the Revenue had no present basis to retain the money under the requisition or recovery provisions of the Income-tax Act. Interim custody had to be decided under Section 451 CrPC, so release to the Income Tax Department was not justified and interim return to the petitioner was warranted on security. A Magistrate also could not direct the Revenue to complete assessment within a court-fixed period, because assessment timelines are governed by the Income-tax Act and not by a Section 451 proceeding. The time-bound direction was therefore unsustainable, and the cash was ordered to be released to the petitioner subject to stipulated security. Case-Laws Income Tax Tue, 26 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457827