2025 (3) TMI 603

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....Dated:- 27-2-2025<br>WRIT PETITION NO. 2926 OF 2017 ALONG WITH INTERIM APPLICATION NO. 3542 OF 2019 - -<br>Income Tax<br>A.S. CHANDURKAR & M.M. SATHAYE, JJ For the Petitioners-Applicants: Mr. Udaya Sankar Samudrala with Mr. Sujit Upadhyay and Mr. Shivesh Upadhyay, Advocates. For the Respondent Nos. 1 to 3: Mr. D.P. Singh, Advocate. For the Respondent Nos. 4 to 6: Mr. Venkatesh Dhond, Senior Advocate with Mr. Dhaval Patil, Mr. Shreyas Menkudale, Advocates, i/by K. Ashar & Co.,. For the Respondent Nos. 7 and 8: Mr. Arjun Gupta, Advocate. ORAL JUDGMENT : &nbsp; (PER A.S. CHANDURKAR, J.) 1. Rule. Rule made returnable forthwith and heard learned counsel for the parties. By a Notification dated 8th November 2016 issued by the....

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..... 20,00,000/- and silver ingots at the said juncture. The necessary information was to be forwarded to the jurisdictional Assessing Authority. Acting on the said communication, the Police Inspector, Shahuwadi Police Station on 14th January 2017 informed the petitioners about the aforesaid and directed them to take back the specified bank notes of the value of Rs. 20,00,000/- as well as the silver ingots. After receiving the same, the petitioners on 17th January 2017 visited the specified office of the Reserve Bank of India, Mumbai to deposit the aforesaid notes. The same were however not accepted and the petitioners were informed that after 30th December 2016 it was not permissible to accept the same. After issuing a notice in that regard, ....

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....lue of the aforesaid specified bank notes. 3. Mr. Venkatesh Dhond, learned Senior Advocate appearing for respondent nos. 4 to 6 referred to the provisions of Section 5(a) of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 and the Notification dated 12th May 2017 issued by the Ministry of Finance to contend that it would be necessary for the petitioners to furnish serial numbers of the specified bank notes that had been seized by the Police Authorities prior to 30th December 2016. In absence of indication of such serial numbers, the Reserve Bank of India was precluded from accepting the aforesaid specified bank notes and thereafter exchanging them for legal tender. He sought to distinguish the judgment in the case of Sunny s....

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....ovisions of the Act of 2017 read with the Notification dated 12th May 2017. In the aforesaid backdrop, the entitlement of the petitioners to the prayers made in the writ petition would be required to be considered. 5. Today, the learned counsel for the petitioners tendered a copy of the affidavit of the petitioner no. 1 dated 24th October 2018 stating therein that in view of the communication dated 10th January 2017 issued by the Income Tax Department directing release of the specified bank notes, the same were returned to the petitioners by the Senior Inspector of Police. The serial numbers of these currency notes in the denomination of Rs.500/- have been stated in Annexure-I to the said affidavit. Since the serial numbers of the specif....