These amounts have been seized by the department under Section 132 1 of the Income tax Act, 1961.
The appellants, however, claim that these amounts had been intended, for purchasing Special Bearer Bonds and that the department has seized the amounts before this intention companyld be carried into effect.
In the other appeal, the money was seized from the safe deposit of a bank and the appellant states that the amount had been deposited by him with the Manager of the bank for safe custody.
In these appeals, the Income tax Department seized from one of the appellants a certain sum of money.
Ranganathan, V. Ramaswami and Yogeshwar Dayal, JJ.
