2015 (9) TMI 751

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....JJ. For the Petitioner : Rohit Nandan Shukla For the Respondent : Ghanshyam Chaudhary,Manish Mishra ORDER Heard learned counsel for the petitioner as well as learned counsel for the respondents. During search and seizure operation made under Section 132 of the Income Tax Act, 1961, savings bank account no.1852000300087594 of the petitioner existing at Punjab National Bank, Banthara,....

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.... but till date no balance amount has been released to the petitioner. The petitioner has also represented to the Commissioner of Income Tax (Central Circle), Lucknow for release of the amount on 15.05.2015 and 18.06.2015 but no attention has been paid on the petitioners' representation. In reply, Mr. Manish Mishra, learned counsel for the Revenue has submitted that Central Board of Direct T....

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....eding for imposition of penalty is pending consideration for the reason that an appeal against the order of assessment is also pending. Without being prejudiced to the aforesaid Instructions, we are of the view that once the provisions of Income Tax Act provide to release the balance assets/amount after satisfying the liability, there is no occasion for the respondents to retain the same under ....