Search warrant u/s 132 - Retention of cash seized in search - A ...

Petitioner plans to include seized cash in their 2019-20 tax return; no grounds for respondent's assumptions.

January 1, 2021

Case Laws     Income Tax     HC

Search warrant u/s 132 - Retention of cash seized in search - A return of income would be filed by the petitioner for the annual year 2019-20 only after 31st March, 2020. The explanation of the cash transaction can be expected to be found only after such return of income is filed by the petitioner. There is no basis for the respondents to presume that petitioner would not disclose the cash transaction in its Income Tax return which was not filed by the alleged date of seizure of the cash by the Police, i.e., 26.08.2019. - HC

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