TaxTMI 
TaxTMI 
2020 (1) TMI 693
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.... As 23.02.2019 was a bank holiday, being a 4th Saturday, cash which was sought to be taken to Hyderabad could not be deposited in the bank. They carried the said cash along with them in the bus. On reaching Hyderabad, they came to know that the shops were closed, hence, they boarded Kachiguda-Chegalpattu Express on 24.02.2019 to go to Chennai for purchase of gold. It was planned that, cash would be deposited in Chennai and thereafter cash would be transferred through RTGS/NEET. But as soon as the train reached Mahaboobnagar Railway Station, the Railway Police intercepted and seized the cash. Basing on the same, a case in Crime No. 13/2019 came to be registered under Section 102 of Cr.P.C. 4) Summons came to be issued on 27.02.2019 under Section 131(1A) of the Income Tax Act, 1961, asking the Petitioners to personally appear at 3.30 PM along with necessary documents to prove their claim if any. Thereafter, on 18.03.2019, the 2nd Respondent herein, i.e., Sub-Inspector of Police, Government Railway Police Station, Mahaboobnagar, issued summons to Petitioner No. 2 to appear before him on 22.03.2019 to give evidence. A reply came to be submitted by 2nd Petitioner on 22.03.2....
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....ted and balance amount be released as it cannot be termed as a case of undisclosed income. He relied on Section 132 B of the Income Tax Act in support of his plea. 8) A counter came to be filed by the 3rd Respondent disputing the averments made in the affidavit filed in support of the Writ Petition. It is stated that, on receipt of seizure of the cash, summons under Section 131 (1A) of the Income Tax Act were issued to Petitioner Nos. 3 to 5 to produce evidence and books of accounts in support of the cash seized. It is stated that, only Petitioner No. 3 appeared on 05.03.2019, while Petitioner Nos. 4 and 5 appeared on 06.03.2019. The statement of the 3rd Petitioner was to the affect that, the cash seized belongs to the 1st Petitioner, which is a Proprietary concern of the 2nd Petitioner. The 3rd Petitioner also stated that, Petitioner Nos. 3 to 5 were travelling to Chennai on coming to know that the gold prices were likely to increase in a day or two. According to him, the entire amount of Rs.,1,50,00,000/- was reflected in the books of accounts of the 1st Petitioner concern. 9) Insofar as 4th Petitioner is concerned, his explanation is to the effect that, portion of cash ....
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.... or Director or the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, in consequence of information in his possession, has reason to believe that- ..... (c) any assets represent either wholly or partly income or property which has not been, or would not have been, disclosed for the purposes of the Indian Income-tax Act, 1922 (11 of 1922), or this Act by any person from whose possession or control such assets have been taken into custody by any officer or authority under any other law for the time being in force, then, the Principal Director General or Director General or Principal Director or Director or the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may authorise any Additional Director, Additional Commissioner, Joint Director, Joint Commissioner, Assistant Director or Deputy Director, Assistant Commissioner or Deputy Commissioner or Income-tax Officer (hereafter in this section and in sub-section (2) of section 278D referred to as the requisitioning officer) to require the officer or authority referred to in clause (a) or clause (b) or clause (c), as the case may be, to....
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....arch and seizure assessment; and (ii) in cases where penalty proceedings, connected with such assessment, have been initiated, retaining out of the balance an amount to meet the expected liability on account of the penalty imposable. Where assessee is in appeal against the assessment order and the penalty has not been imposed up to the date of the order of the CIT (Appeals), the position regarding the amount lying in the PD Account should be reviewed at the time of giving effect to the order of the CIT (Appeals). Only such amount thereof should be retained which is sufficient to meet the expected amount of penalty imposable on the assessment as revised in appeal effect. The balance should be released within one month from the order under Section 250, after recovery of any existing demand at that time. The amount, which was retained after the assessment order or the order of the CIT (Appeals) for the amount of penalty imposable, should be released within one month from passing of the penalty order, after recovery of demand arising out of the penalty order and nay other demand existing at that time. Where assessment was made before issue of this In....