TaxTMI 
TaxTMI 
2002 (10) TMI 6
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....earing. On March 14, 2002, search and seizure operations were conducted by the Department under section 132 of the Income-tax Act, 1961, at the office premises, residential premises and factories of the petitioner. Prohibitory orders were also issued on the industrial undertaking of the petitioners at Silvassa and also on the office premises. Under the prohibitory orders, the bank accounts were a....
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....no authority to encash the FDs or withdraw the cash, from the bank accounts without the order of assessment. He fairly stated that on or before October 23, 2002, the Department would bring back the amount into the respective accounts from which they have been withdrawn. He, however, contended that the attachment of accounts, the bonds and FDs be continued. The action of respondent No.1 vis-à-vis....
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....ons as the respective banks may deem fit. However, it is made clear that the petitioners' accounts in the above banks will continue to remain attached and similarly, the petitioners' account from which Rs. 72,40,330 has been withdrawn March 26, 2002, will also continue to remain attached. The petitioners will give particulars of FDs to respondent No. 1 as and when they invest the Rs. 17,93,58,944.....