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HomeDirect TaxAssets Can’t Be Retained Indefinitely Without Finalising S. 158BC Proceedings: Delhi HC...

Assets Can’t Be Retained Indefinitely Without Finalising S. 158BC Proceedings: Delhi HC Orders Release of Seized Jewellery, Cash

Direct Tax

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By Mariya Paliwala
Assets Can’t Be Retained Indefinitely Without Finalising S. 158BC Proceedings: Delhi HC Orders Release of Seized Jewellery, Cash

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The Delhi High Court has held that the Income Tax Department cannot indefinitely retain jewellery, bullion and cash seized during a search without finalising proceedings under Section 158BC, and accordingly directed the release of assets worth over Rs. 6.35 crore belonging to members of the Rastogi family, subject to deposit of advance/self-assessment tax to safeguard…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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