HC directs IT dept to Refund Seized Cash with 12% interest

Mectec Vs Director of Income Tax Investigation (Telangana High Court) Telangana High Court held that the action of the respondents in conducting panchanama dt.28.08.2019 and seizing cash of Rs.5.00 crores from Vipul Kumar Patel, employee of the petitioner in W.P.No.23023 of 2019, and retaining it till date, is illegal and ultra vires the provisions of the Income Tax Act, 1961 and also violative of Art.14 and 300-A of the Constitution of India ; the respondents are directed to forbear from conducting any further enquiry pursuant to the said panchanama under the said Act; and they shall refund w...