M L DURGARI Vs. UNION OF INDIA

JUDGEMENT

(1.) Rule D.B.

(2.) The main point raised before us was that the respondents have not complied with the provisions of sub-Section (5) and sub-Section (9) of Section 132 of the Income-tax Act, 1991 inasmuch as reasonable opportunity of hearing was not given and the copies of the books of accounts which were seized were not supplied to the petitioner before making a summary assessment.

(3.) On a consideration of the matter, we find that at the time of seizure, a punchnama was prepared by which Rs.95,000.00 in cash and numerous shares worth Rs. 40 Lakhs were recovered and complete details of shares were mentioned in punchnama, copy whereof was given to the petitioner. The petitioner was given opportunity to explain and he made statements and furnished explanation which runs into numerous pages starting from page 278 to page 362 of the paper book before us.