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Issues involved: Seizure of amount by enforcement authorities, proceedings under Income-tax Act, petitioner's request for return of seized amount, calculation of amount due, petitioner's willingness to furnish security, retention of amount by income-tax authorities.
In this judgment, an amount of Rs. 88 lakhs was seized from a car by enforcement authorities, which was later handed over to income-tax authorities u/s 132A of the Income-tax Act. The petitioner requested the return of the amount, arguing that even if liable for tax, it would only be 30% of the seized amount, for which he was willing to provide security. Upon direction, the standing counsel for the Income-tax Department provided a statement calculating the amount due from the petitioner in case proceedings go against him, which was Rs. 60,24,333. The petitioner contended that it was unfair to retain the entire amount when he was ready to secure the due amount, suggesting that any excess should be refunded. After considering the arguments, the court opined that the maximum amount payable by the petitioner would be Rs. 60,24,333. Therefore, it directed the income-tax authorities to refund the balance amount of Rs. 65,00,000 to the petitioner, pending further proceedings under the Income-tax Act, while preserving the petitioner's right to claim that no amount is due from him. The refund was ordered to be completed within one month.
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