1992 (3) TMI 3

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....MENT In these appeals, the Income-tax Department seized from one of the appellants a certain sum of money. In the other appeal, the money was seized from the safe deposit of a bank and the appellant states that the amount had been deposited by him with the manager of the bank for safe custody. These amounts have been seized by the Department under section 132(1) of the Income-tax Act, 1961. The....

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....observations at pages 260 and 261 particularly deal with situations of the present type. As has been clearly set out in that decision, the immunity conferred by the Special Bearer Bonds (Immunities and Exemptions) Act, 1981, is a very limited one. It only provides that, where a person has invested in bearer bonds, the Department cannot question the source of acquisition thereof. The immunity does ....