9911796707
TMI Blog2010 (10) TMI 845X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the appellant. We are informed that the total amount lying with the respondents as on 28.7.2010, the date on which the statement in the writ petition was filed, is Rs.1,03,79,468/-, i.e. the seized amount of Rs.88,00,000/- plus the interest accrued thereon. We are also informed that pursuant to the order of the learned Single Judge the respondents have already released the amount in excess of Rs.65,00,000/- out of the above mentioned amount. In the circumstances, we deem it appropriate to modify the judgment under appeal directing the respondents to retain only an amount of Rs.40,00,000/- and release the balance amount subject to the condition that the appellant furnishes security either by way of producing bank guarantee or immovable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice and to attend the office of the Assistant Director of Income Tax, Calicut. Admittedly the proceedings for making the assessment under Section 153A of the Income Tax Act against the appellant are pending. 4. On 8.5.2010, the appellant made a representation to the first respondent praying that the above mentioned amount may be released in his favour. Complaining that no favourable action is taken on the representation and the withholding of the above mentioned amount is illegal and unsustainable, the appellant/petitioner approached this Court by way of the writ petition which was disposed of by the judgment under appeal. Hence this appeal. 5. By the judgment under appeal, the learned Judge of this Court recorded that the worst c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he respondents are of the opinion that the appellant would also be liable to pay penalty for an amount of Rs.10,37,940/-. 7. It is not very clear from the record nor the learned counsel for the respondents is able to make any statement regarding the time frame required for completing the assessment against the appellant. We are informed that the total amount lying with the respondents as on 28.7.2010, the date on which the statement in the writ petition was filed, is Rs.1,03,79,468/-, i.e. the seized amount of Rs.88,00,000/- plus the interest accrued thereon. We are also informed that pursuant to the order of the learned Single Judge the respondents have already released the amount in excess of Rs.65,00,000/- out of the above mentioned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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