2014 (7) TMI 608

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....office and residential premises of the petitioners were conducted. Articles including cash were seized. A copy of a Panchanama of that date is an annexure to the writ petition. Though the petitioners have challenged the said warrants of authorization, all proceedings of search, seizure and proceedings for retention of the articles, but Mr. R.N. Dutta, learned Advocate submitted at the time of hearing, the challenge of his clients' was confined to the retention of the articles seized based on Section 132(9A) of the said Act as it stood then. The admitted position is the search and seizure conducted on 21st August, 1998 resulted in seizure of several articles as made pursuant to the concerned warrants of authorization by an authorized o....

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....d over by the authorised officer to the Income-tax Officer having jurisdiction over such person within a period of fifteen days of such seizure and thereupon the powers exercisable by the authorised officer under sub-section (8) or sub-section (9) shall be exercisable by such Income-tax Officer]. Mr. Dutta relied upon the decision reported in 166 Income Tax Reports 244 (K.V. Krishnaswamy Naidu & Co. Vs. C.I.T. & Ors.) to submit retention of the seized articles beyond 5th September, 1998 was illegal and handing over the same to the Income Tax Officer having jurisdiction over the petitioners thereafter could not entitle the said officer to exercise powers under Section 132(8). He submitted the said Madras case was considered in appeal by t....