1990 (5) TMI 28

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.... B. P. JEEVAN REEDY C. J. -On October 6, 1982, a raid was conducted on the premises of the petitioner under section 132 of the Income-tax Act, 1961. Cash of Rs. 2,50,000 and jewellery worth more than Rs. 1,32,000 were seized. It appears that no summary assessment order was made under section 132(5) of the Act within the prescribed period, but a regular order of assessment was made on March 24, 198....

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....turned to the petitioner-assessee. Reliance is placed upon the provisions of section 132B of the Income-tax Act. When the said return was not effected, the present writ petition was filed. Notice was given to the Income-tax Department and a counter-affidavit and a supplementary counter-affidavit have been filed. The main defence of the Department is section 241 of the Act. It is brought to our ....