- (1.) Whether the search and seizure action initiated against the petitioners pursuant to the warrant of authorisation issued by the Director Income Tax (Investigation) under Section 132(1) of the Income Tax Act, 1961 ('Act' for short) on 14/15-5-2008 is in accordance with law and whether the order passed on 24/7/2008 under Section 281B of the Act to attach the immovable properties as well as the shares in the demat account held by the petitioner No. 2 is valid in law are the basic questions raised in this petition.
(2.) The petitioner No. 1 is a private limited company and the petitioner No. 2 who is a non resident Indian ('N.R.I.' for short) is the Chairman and Managing Director ('C.M.D.' for short) of the petitioner No. 1 company. The petitioner Nos. 3 & 4 are the Directors of the petitioner No. 1 company. The petitioner No. 1 company is engaged in the business of manufacturing and exporting pharmaceutical products.
(3.) The business premises of the petitioner No. 1 company as well as the residential premises belonging to the petitioner Nos. 2, 3 & 4 (hereinafter referred to as 'assessee' for short) were searched in the light of the warrant of attachment dated 14/15-5-2008 and incriminating documents found during the course of search were attached under panchanamas drawn from time to time.;