Section 132B(1)(i): AO’s Power on Seized Assets Not Abates After 120 Days

Dipak Kumar Agarwal Vs Assessing Officer And 4 Others (Allahabad High Court) In the case of Dipak Kumar Agarwal Vs Assessing Officer and 4 Others, the Allahabad High Court addressed the issue of seizure of assets under Section 132B(1)(i) of the Income Tax Act, 1961. The petitioner sought to quash the seizure of Rs. 36,12,000 and requested the release of the detained amount. The petitioner, a jeweler, handed over Rs. 36,12,000 to his worker for purchasing gold jewelry. However, the worker was apprehended by the police, and the cash was seized by the Income Tax Authority under Section 132(1-A) o...