Income Tax Department Authorized to Seize and Retain Cash Under Section 132A, Upholds Statutory Power in Financial Investigation

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....HC held that the Income Tax Department is entitled to requisition and retain seized cash under Section 132A of the Income Tax Act. Following investigation of theft involving Rs. 1,40,00,000/-, the department identified an unexplained amount of Rs. 35,28,000/-. The court allowed the department's petition, quashing previous judicial orders and permitting the department to deposit the entire seized amount of Rs. 35,28,000/- in the P.D. Account within four weeks, in accordance with Income Tax Act provisions and rules, thereby affirming the department's statutory authority to manage seized funds during ongoing proceedings.....