9911796707
TMI Blog2020 (7) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... n 132 (8A) of the Income Tax Act, 1961 as the period of sixty days has expired. HELD THAT:- On a plain reading of Section 37 of the FEMA it is clear that sub-sections (1) and (2) confer a power to carry out an investigation for the contravention referred to in Section 13. An officer who is empowered to carry out the investigation is conferred with all the powers which are conferred under the Income Tax authorities under the said Act of 1961 and is entitled to exercise the said powers. That is the specific provision of sub-section (3) of Section 37 of the said Act of 1999. Therefore, the investigating officer by exercising the power under Section (3) of Section 37 could have taken recourse to the provisions of Section 132 of the Act of 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentioned therein are suspected to be involved in a case under the Foreign Exchange Management Act, 1999 (for short, the said Act of 1999). Paragraphs 2 and 3 of the said order read thus: 2. To thwart any attempt to withdraw the amount lying in the said accounts, which might hamper the ongoing investigation, you are hereby directed to stop operation in the accounts mentioned above tabulated column as well as other accounts viz., FD, current Accounts maintained by the said entity, immediately, under proper intimation to this office. 3. This direction is issued under Section 37 of FEMA, 1999 read with Section 132 of Income Tax Act, 1961. 3. The learned counsel appearing for the appellants pointed out that the learned Single Judge has held th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even an order under sub-section (3) of Section 132 putting a restraint on the operation of the accounts was not at all passed. Therefore, it is not necessary to interfere with the impugned order, inasmuch as the admitted position which emerges today is that there was no order passed by the investigating officer in exercise of the powers under sub-section (3) of Section 37 read with Section 132 of the Act of 1961. Therefore, there was no order of freezing of the accounts. Only on this ground, we decline to entertain this appeal and the same is disposed of. We, however, make it clear that the order of the learned Single Judge and this order will not prevent the investigating officer from exercising the powers under sub-section (3) of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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