Wp(C)/28231/2019 Of K.g.jijo v. Director Of Income Tax(Investigation)

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR MONDAY, THE 18TH DAY OF NOVEMBER 2019 / 27TH KARTHIKA, 1941 WP(C).No.28231 OF 2019(D) PETITIONER: K.G.JIJOAGED 50 YEARSKOCHUPURACKAL HOUSE, MUDAVOOR P.O., VAZHAPPALLY, MUVATTUPUZHA. BY ADVS.SRI.DEEPU THANKANSMT.UMMUL FIDASMT.LAKSHMI SREEDHAR RESPONDENTS: THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON18.11.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JUDGMENT The petitioner, whose residential and business premises weresubjected to a search by the Income Tax Authorities, has approached thisCourt seeking a release of an amount of Rs.90,00,000/- that was seizedby the 1[st] respondent in cash from the premises of the petitioner. It isthe case of the petitioner that he is willing to furnish an unconditionaland irrevocable bank guarantee for the said sum, which should sufficefor the purposes of the respondents, while releasing the cash to thepetitioner. 2. I have heard the learned counsel appearing for the petitionerand also the learned Standing counsel appearing for the Income TaxAuthority. 3. The learned Standing counsel for the Income Tax departmentSri.Jose Joseph, would submit that the assessment proceedings, pursuantto the search conducted, will be completed by the respondents by March2020. It is his submission, however, that if the petitioner agrees for theencashment of the bank guarantee by the department, in the event ofamounts being found due from him by way of incometax/penalty/interest, then the cash can be released against such a bankguarantee. On a consideration of the rival submission, I dispose the WritPetition by directing that, if the petitioner furnishes a bank guarantee in an amount of Rs.90,00,000/- in favour of the 1[st] respondent, on theunderstanding that in the event of the said amounts becoming duepursuant to the assessment order, the bank guarantee can be encashedby the respondents, the respondents will release the cash amount ofRs.90,00,000/- against the unconditional and irrevocable bank guaranteeto be furnished by the petitioner. Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE mns APPENDIX PETITIONER'S/S EXHIBITS: RESPONDENTS EXHIBITS:NIL //TRUE COPY// P.A TO JUDGE