Kuber Mutual Benefits Ltd. vs Dy. Cit
2000 Latest Caselaw 897 Del

Citation : 2000 Latest Caselaw 897 Del
Judgement Date : 4 September, 2000

Delhi High Court

Kuber Mutual Benefits Ltd. vs Dy. Cit on 4 September, 2000

Equivalent citations: 2001 118 TAXMAN 40 Delhi

JUDGMENT

All these writ petitions involve identical questions relating to the search conducted in the premises of Mr. P.K. Sharma sometime in May, 1997. Though various points have been urged as regards existence of reasons to believe that there was likelihood of concealment or concealment as a matter of fact, on perusal of the records produced before us we are satisfied that reasons did exist for entertaining such a belief. Additionally, it is accepted that the orders of block assessment in terms of section 158BC have been passed and appeals have been filed before the prescribed appellate authority. In that view of the matter, we do not think it necessary to keep these writ petitions pending. We, however, hope that the appellate authority shall dispose of the appeals as expeditiously as practicable taking into account the fact that there may be some genuine investors whose deposits get affected by the action of search and seizure. By making this observation it shall not be taken as if we have expressed any opinion on merits.

2. As it is submitted by Mr. R.D. Jolly, the learned counsel for the revenue, that petitioners are not cooperating for finalisation of the appeals, we direct the concerned appellants to appear before the appellate authority without any further notice on 14-9-2000 at 11 AM so that further date of hearing can be fixed. The appellate authority would do well to dispose of the appeal by 15-11-2000. Let the FDRs seized be not encashed if not already done till disposal of the appeals. By granting this interim protection it shall not be construed that we have expressed any opinion on merits.

3. Appeals stand disposed of.