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TMI Blog2015 (9) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... y, there is no occasion for the respondents to retain the same under the executive Instructions. Therefore, at this stage, we feel it appropriate to issue direction to the Principal Commissioner of Income Tax (Central Circle), Lucknow to take decision on the petitioner's representation within fifteen days from the date of communication of this order. - Misc. Bench No. - 8152 of 2015 - - - Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... different assessment years and accordingly the total demand of ₹ 70,28,607/- has been created against the petitioner, however, he has possessed the amount of ₹ 1,65,28,000/- from the saving bank account no.1852000300087594. Learned counsel for the petitioner has further submitted that under the provisions of Section 132-B of the Income Tax Act, the Assessing Officer is under statutory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d within one month of passing of the assessment order after adjusting the seized cash against any existing liability and the amount of liability determined on completion of search assessment and in case penalty proceedings are initiated, retaining an amount to meet the expected liability on account of penalty imposable. In light of the aforesaid provisions, he urged that under the CBDT Instru ..... X X X X Extracts X X X X X X X X Extracts X X X X
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