AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2004 (4) TMI 57
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....yed for further adjournment. I feel the matter cannot be adjourned because it is a partly heard matter. Mr. Poddar concluded his submission on the last occasion. He submitted that there is no lawful reason for withholding 9 per cent. Reserve Bank of India Bonds, 99, valued at Rs. 7.2 crores in total. He submits that under the provisions of the block assessment the aforesaid securities were seized pursuant to seizure followed by preparation of panchanama. Block assessment of the petitioners have been completed. Even regular assessment has also been completed. Even after completion of all these the securities were retained on the plea that there is a deemed dividend which is required to be assessed. The assessing authority completed the bl....
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....f the appellate authority or any other authority unless the same is set aside. In support of his contention he has relied on a decision of the Supreme Court reported in Collector of Customs v. Krishna Sales (P.) Ltd., AIR 1994 SC 1239. Then he refers to the judgments of the learned single judge of this court reported in Nicco Corporation Ltd. v. CIT [2001] 251 ITR 791 in the case of Pankaj Guljarilal Gupta v. Collector of Customs [1995] 75 ELT 47 (Cal) in the case of Agrawal Warehousing and Leasing Ltd. v. CIT [2002] 257 ITR 235, in the case of Hariharnath Agarwal and Sons (HUF) v. CIT [1996] 221 ITR 486 (All). He further submits drawing my attention to the proviso to section 132B that if the contention of the Department is to be accepted t....
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....ed in this matter is whether the pendency of the appeal will authorise and/or justify the Revenue to withhold the aforesaid Reserve Bank bonds or not. From the records available before me it appears to me the Commissioner of Income-tax (Appeals) set aside the order of assessment of the Assessing Officer who had taken into consideration the income arising out of dividend. I find there is force in the argument of Mr. Poddar that mere filing of the appeal does not operate as a stay of the order appealed against and this has been decided in a customs matter by the Supreme Court in the case of Collector of Customs v. Krishna Saks (P.) Ltd., AIR 1994 SC 1239. In paragraph 6 of the said judgment it has been observed as follows: "According to th....
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....51 ITR 791. Another learned single judge of this court has followed the aforesaid decision and accepted the said principle in the case of Pankaj Guljarilal Gupta v. Collector of Customs [1995] 75 ELT 47 (Cal). Similar view has also been taken by the Madhya Pradesh High Court in the case of Agrawal Warehousing and Leasing Ltd. v. CIT [2002] 257 ITR 235. The Allahabad High Court has also taken the same view in the case of Hariharnath Agarwal and Sons (HUF) v. CIT [1996] 221 ITR 486. In view of the aforesaid consistent observations of the apex court and the various High Courts I do not find any reason to deviate therefrom. Therefore, the question is as to whether as on today or even on the date of filing of the writ petition whether ther....
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.... assets: Provided that where the person concerned makes an application to the Assessing Officer within thirty days from the end of the month in which the asset was seized, for release of the asset and the nature and source of acquisition of any such asset is explained to the satisfaction of the Assessing Officer, the amount of any existing liability referred to in this clause may be recovered out of such asset and the remaining portion, if any, of the asset may be released, with the prior approval of the Chief Commissioner or Commissioner, to the person from whose custody the assets were seized: Provided further that such asset or any portion thereof as is referred to in the first proviso shall be released within a period of one hundr....
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.... (4) (a) The Central Government shall pay simple interest at the rate of eight per cent, per annum on the amount by which the aggregate amount of money seized under section 132 or requisitioned under section 132A, as reduced by the amount of money, if any, released under the first proviso to clause (i) of sub-section (1), and of the proceeds, if any, of the assets sold towards the discharge of the existing liability referred to in clause (i) of sub-section (1), exceeds the aggregate of the amount required to meet the liabilities referred to in clause (i) of subsection (1) of this section. (b) Such interest shall run from the date immediately following the expiry of the period of one hundred and twenty days from the date on which the las....