2010 (9) TMI 601

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....of the Income-tax Act, 1961 (for short, "the Act"). 3. Case of the petitioner is that the Income-tax Officer conducted survey in the premises of the petitioner under section 133A of the Act and impounded certain documents and books of account. Section 133A(3)(ia) provides for return of books of account after 10 days unless permission to retain the same beyond the said period is granted by the Chief Commissioner of Income-tax. Under section 44AB of the Act, the assessee is required to get books of account audited before filing of the return, in absence of which the assessee is liable to penalty  under section 271B of the Act. In these circumstances, retention of books of account for a long period was not justified. 4. In the reply....

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....of account and documents be returned on appropriate conditions for some period as was the course adopted in Spring Dale Educational Society v. Union of India  [2001] 247 ITR 409/[2000] 113 Taxman 574 (Punj. & Har.) 7. Learned counsel for the revenue submits that only statutory requirement was to record reasons at the time of impounding and to seek approval for retention beyond 10 days, but there was no requirement to convey the reasons for the approval of the assessee. Reliance has been placed on judgment of the Hon'ble Supreme Court in Asstt. CCT v. Ruchi Soya Industries [2008] 11 SCC 49. It was also submitted that approval for retention of books of account has been granted upto 31-3-2011. 8. Question for consideration is whethe....