Case Law Details
Case Name : Vishal Jain vs. State of Punjab (Punjab & Haryana High Court)
Related Assessment Year :
Courts :
All High Courts Punjab and Haryana HC
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In respect of Cash of Rs. 30 Lakh seized by Punjab Police during demonetization from appellant while travelling in a cab from Delhi appellant submitted that only persons who are being prosecuted for any offence punishable under Chapter IX or Chapter XVII of the Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention), Act, 1967, the Prevention of Corruption Act, 1988, the Prohibition of Benami Property Transactions Act, 1988 and the Prevention of Money Laundering Act, 2002 are not entitled to avail the benefit of PMGKY deposit scheme.
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There has been a survey at the business premises of an asessee on 27.12.2016 and it was converted into search on 28.12.2016. Cash amounting to 70 lacs in Old 1000 and 500 notes (SBN) was found and seized by ITD. Can the assessee opt for PMGKY in respect of Rs.70 lacs seized ? If yes, then how shall the assessee deposit tax and make deposit in PMGKY as his entire cash was seized by ITD and he does not have any more cash or bank balance with him to pay tax or to make deposit. Kindly advise. The assessee is neither chargesheeted nor convicted under any other law and no other proceedings are pending against him. Thanks