https://www.taxtmi.com/caselaws?id=460554 The HC ruled that the petitioners were entitled to the release of Rs. 156 lakhs seized by the authorities, setting aside the Magistrate's order that directed the release of the amount to the Income Tax Department. The Court applied legal principles from a prior similar case, noting the petitioners had accounted for the money, which was raised through legitimate means. The Court emphasized adherence to precedents, especially as the Apex Court had dismissed a related SLP, affirming the decision. The petitioners were ordered to furnish a bond with sureties for the release of the funds. en-us Thu, 21 Dec 2023 00:00:00 +0530 Sat, 08 Feb 2025 13:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460554 The HC ruled that the petitioners were entitled to the release of Rs. 156 lakhs seized by the authorities, setting aside the Magistrate's order that directed the release of the amount to the Income Tax Department. The Court applied legal principles from a prior similar case, noting the petitioners had accounted for the money, which was raised through legitimate means. The Court emphasized adherence to precedents, especially as the Apex Court had dismissed a related SLP, affirming the decision. The petitioners were ordered to furnish a bond with sureties for the release of the funds. Case-Laws Indian Laws Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460554