https://www.taxtmi.com/caselaws?id=462032 Cash seized and kept in court custody could not be retained for the Income Tax Department merely because assessment was pending. The court applied its prior view that a Magistrate cannot compel the revenue to complete assessment within a fixed time as a condition for dealing with seized money, and the earlier release order in favour of the department could not stand. The amount was directed to be released to the petitioners, but only against a bond and a bank guarantee for the full sum to secure repayment or redeposit if required, while assessment proceedings were left to be finalised according to law. en-us Fri, 22 Dec 2023 00:00:00 +0530 Mon, 12 May 2025 12:18:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462032 Cash seized and kept in court custody could not be retained for the Income Tax Department merely because assessment was pending. The court applied its prior view that a Magistrate cannot compel the revenue to complete assessment within a fixed time as a condition for dealing with seized money, and the earlier release order in favour of the department could not stand. The amount was directed to be released to the petitioners, but only against a bond and a bank guarantee for the full sum to secure repayment or redeposit if required, while assessment proceedings were left to be finalised according to law. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462032