The assessee alleged that certain persons had robbed a sum of Rs.76,40,000 which belonged to him from his employees. During the course of investigation, the police arrested the accused persons and recovered a sum of Rs.76,02,010 which was deposited in the court of the Judicial Magistrate. The assessee  filed a petition for return of cash and this was allowed on condition that the assessee executed a bond for a sum of Rs. 76,00,000 and also to deposit the original title deeds for the said value, by order, dated March 3, 2021. The assessee filed a revision petition for modification of the condition. The Judicial Magistrate, dismissed the petition. On a petition against the order the Court held that the Income-tax authority initiated proceedings under section 132 of the Income-tax Act, 1961 and issued summons under section 131(1A) of the Act and in response, the assessee appeared for enquiry and his statement was recorded under section 131. In the statement, the assessee admitted that the cash belonged to him and it was his unaccounted income which has not been reported to tax. The cash of Rs.76,02,010 deposited with the authorities/police would have to remain in the custody of the Judicial Magistrate, pending finalization of the assessment proceedings commenced by the Income-tax authority.