https://www.taxtmi.com/caselaws?id=39326 The court examined the validity of an order issued under section 132(3) of the Income-tax Act, 1961 against a bank regarding money deposited. It found that the money deposited in the bank belonged to the bank and could not be seized practically, justifying the order. The court upheld the order, emphasizing the need for expeditious assessment of liabilities under the Act and the prejudicial impact of freezing bank deposits. The judgment under appeal was set aside, and the writ appeals were allowed, dismissing the original petitions. en-us Wed, 01 Oct 1975 00:00:00 +0530 Thu, 15 Apr 2010 15:40:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39326 The court examined the validity of an order issued under section 132(3) of the Income-tax Act, 1961 against a bank regarding money deposited. It found that the money deposited in the bank belonged to the bank and could not be seized practically, justifying the order. The court upheld the order, emphasizing the need for expeditious assessment of liabilities under the Act and the prejudicial impact of freezing bank deposits. The judgment under appeal was set aside, and the writ appeals were allowed, dismissing the original petitions. Case-Laws Income Tax Wed, 01 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39326