Matrix Info Systems Private Ltd v. Director Of Income Tax & Ors

$~5 * IN THE HIGH COURT OF DELHI AT NEW DELHI+ W.P. (C) 10905/2016, CM APPL.42723/2016 MATRIX INFO SYSTEMS PRIVATE LTD. ..... Petitioner Through: Mr. Amol Sinha with Mr. Ruchesh Sinha, Advocates. versus DIRECTOR OF INCOME TAX & ORS. ..... Respondents Through: Mr. Zoheb Hossain, Sr. Standing Counsel. CORAM: HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE NAJMI WAZIRI % O R D E R14.02.2017 The petitioner had claimed a direction for release of cash seized from his premises in the course of survey proceedings which culminated in a search on 09.06.2016. It had sought for release of the cash by an application dated 23.06.2016. He complains that the prolong inaction of the respondents in applying their minds for release of the cash and valuables seized is contrary to proviso to Section 132B (1). The Revenue counters the petitioner’s allegations by stating that there was no effective substitution of the claim with respect to any existing liability as the pre-condition for release of cash and valuables seized in terms of proviso to Section 132B (1). It is also contended that till date despite contrary assertion (with respect to availability of material and documents backing the plea of existing liabilities), the assessee has not produced anything which is worthwhile. After some hearing, learned counsel sought liberty to withdraw the petition and approach the Revenue with further or additional material as the case may be. He also submitted that petitioner may be granted liberty to avail remedies in the event of adverse order. Liberty granted. The writ petition is dismissed as withdrawn. S. RAVINDRA BHAT, J FEBRUARY 14, 2017 /vikas/ NAJMI WAZIRI, J