Law:

Section:

Section 132B of the Income-tax Act, 1961 - Search and seizure - Retained assets, application of - Assessee paid entire amount due pursuant to an order passed by Settlement Commission and also filed application for discharge of assets retained by revenue - Whether upon payment of entire amount all liability stands discharged and assets are to be made over to persons from whose custody they were seized - Held, yes - Whether, therefore, unless it could be shown that any further amount was due from petitioner assets were to be released forthwith - Held, yes FACTS The petitioner filed the instant writ on ground that he had paid the entire amount due pursuant to the order passed by the Settlement Commission and that he had made an application on 21-6-2001 under section 132B before the Commissioner but the same had been kept pending in spite of repeated reminders. HELD On proper interpretation of section 132B, it appeared that upon payment of the entire amount all the liability stands discharged and the assets are to be made over to the persons from whose custody they were seized. When the application was filed on 21-6-2001, it should have been disposed of forthwith and if any amount was due, that should have been paid and under such circumstances the assets should have been released. The respondents had unnecessarily retained the assets as a result whereof the petitioner suffered. Therefore, unless it could be shown that any amount was due from petitioner, the assets were to be released forthwith. Rajes Kumar for the Petitioner. A.N. Mahajan for the Respondent. ORDER 1. Heard Shri Rajes Kumar for writ petitioner and Shri A.N. Mahajan, the learned standing counsel for respondents. 2. The contention of the writ petitioner is that the entire amount due has been paid by the petitioner pursuant to…

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