2015 (3) TMI 411 - SCH - Income Tax

Addition to income - amount in question which has been seized i.e. Signature Not Verified ₹ 1,18,87,490/- - whether the amount does not belong to the clients of the petitioner? - Held that - As the High Court had directed the respondents to complete the inquiry and verification within the time fixed in the Income Tax Act. The order was passed three years ago and the time fixed has long expired. Under the circumstances, we direct the respondents to return the seized amount of ₹ 1,18,87,490/- to the petitioner within a period of four weeks from today.

Summary

The Supreme Court directed the respondents to return the seized amount of Rs. 1,18,87,490 to the petitioner within four weeks as the assessment order did not prove the amount belonged to the petitioner's clients. The High Court's order for inquiry and verification had expired three years ago. The special leave petition was disposed of.