Cash was seized from Bhuraram by the police pursuant to the order dated February 9, 2011 passed by the Chief Judicial Magistrate. The seized cash was handed over to the Income-tax Department. The first statement of Bhuraram was recorded under section\u00a0132(4)\u00a0of the Act, wherein he admitted that the cash amount belonged to him. Assessment proceedings in the case of B were initiated by notice under section\u00a0153A\u00a0of the Act.\u00a0 In the course of assessment proceedings Bhuraram\u00a0 accepted\u00a0 that the seized cash belonged to him being derived from the sale of silver.\u00a0 The AO passed the order which was affirmed by the CIT(A). Penalty order was also passed which was affirmed by CIT(A) A writ petition was filed by the petitioner-firm claiming that Bhuraram\u00a0 was its employee and the seized cash belonged to it and hence it should be released to it\u00a0 dismissing the petition the Court held that\u00a0 there was no challenge to the order of penalty and the seized cash being adjusted towards it. Hence there was no irregularity or illegality in the order passed by the Assessing Officer, treating the seized cash as \u201cunaccounted income\u201d in the hands of Bhuraram. The firm was not entitled to the release of the cash seized. (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 132B : Application of seized or requisitioned assets-Cash seized by police-Search and seizure-Cash seized from individual-Application by the firm to release the cash seized from its employee-No evidence-Rejection of application is held to be justified. [S. 132, 132(4),132A ,153A, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-30020","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7Oc","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=30020"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30020\/revisions"}],"predecessor-version":[{"id":42611,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/30020\/revisions\/42611"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=30020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=30020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=30020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}