https://www.taxtmi.com/highlights?id=104268 Section 132B's reference to a "person concerned" extends to a third-party claimant whose ownership of cash seized from another person's premises has been established in benami proceedings. Ownership establishes standing to seek release but does not itself satisfy the statutory conditions for release. The first proviso requires an application within the prescribed period explaining the nature and source of acquisition to the Assessing Officer's satisfaction; a bare release request is inadequate. Release was not accepted where the application was late and omitted that explanation, while source-related assessment proceedings remained pending or contemplated. Questions on the provisos' effect, including expiry of 120 days, were referred to a Larger Bench. en-us Mon, 28 Sep 2026 08:12:22 +0530 Mon, 28 Sep 2026 08:12:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104268 Section 132B's reference to a "person concerned" extends to a third-party claimant whose ownership of cash seized from another person's premises has been established in benami proceedings. Ownership establishes standing to seek release but does not itself satisfy the statutory conditions for release. The first proviso requires an application within the prescribed period explaining the nature and source of acquisition to the Assessing Officer's satisfaction; a bare release request is inadequate. Release was not accepted where the application was late and omitted that explanation, while source-related assessment proceedings remained pending or contemplated. Questions on the provisos' effect, including expiry of 120 days, were referred to a Larger Bench. Highlights Income Tax Mon, 28 Sep 2026 08:12:22 +0530 https://www.taxtmi.com/highlights?id=104268