2026 (7) TMI 1984

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....4 passed by the Additional Sessions Judge, Belagavi in Criminal Revision Petition No.147/2023 and the order passed by JMFC, Belagavi on 09.05.2023 in Crime No.67/2023 registered before Rural Police Station, Belagavi. 3. In terms of the aforementioned orders, the application filed by the petitioner under Section 457 of Code of Criminal Procedure (for short 'Cr.P.C.') is rejected and the application filed by Income Tax Department under the same provision read with Section 132A of Income Tax Act, 1961 (for short 'IT Act, 1961') is allowed. 4. The Trial Court has ordered the release of amount of Rs.27,34,720/- in favour of the Income Tax Department. Directed the Income Tax Department to execute indemnity bond for Rs.30,00,....

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....dover the cash to the petitioner from whose custody the cash is recovered. Thus, prayed to allow the petition and to set-aside the impugned order. 9. Learned High Court Government Pleader would submit that the proceeding is initiated under Section 132A of the IT Act, 1961 on the ground that it is a case of tax evasion and the petitioner is admittedly found to be in custody of cash of Rs.27,34,720/- and rightly the proceeding is initiated under Section 132 of IT Act, 1961. The order passed by the Trial Court and confirmed by the Sessions Court is only an interim arrangement directing release of the amount in favour of Income Tax Department subject to final outcome and the order also takes care of the petitioner's interest as the order....