2010 (8) TMI 1062

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....Z/2500 from Wyanad. The enforcement authorities initiated proceedings. Ultimately, the proceedings by the enforcement authorities were dropped and on the strength of a warrant issued by the Director of Income-tax under Section 132A of the Income-tax Act, the amount was handed over to the income-tax authorities for further proceedings under the Income-tax Act. The petitioner now submits that the am....

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....ned to the petitioner. Learned counsel for the petitioner would submit that it is irrational and unjust to retain the amount insofar as the petitioner is prepared to furnish security for the amount. He further submits that if worse comes to worst, the petitioner would only be liable to pay ₹ 60,24,333/- and at least the balance amount may be directed to be refunded to the petitioner without ....