The assessee’s explanation for cash seized, including alleged collections from retail concerns and refund of advances, was found unsupported by credible documents. The Court upheld the requisition under s. 132A, holding that the Department had reason to believe the cash was undisclosed. However, it directed that if the time for assessment u/s 153A had expired and no demand stood crystallised, the seized cash be returned to the assessee within four weeks.
Gautam Thadani v. DCIT (Inv) (2025) 343 CTR 120 / 246 DTR 97 / 171 Taxmann.com 94 (Delhi)(HC)
S. 132A : Powers-Requisition of cash-Explanation unsupported by documents-Writ dismissed-If no demand crystallised, seized cash to be returned within four weeks [S. 153B(1)(a), Art. 226]
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