- (1.) Heard learned counsel for the petitioner-assessee and Sri Dhanajay Awashti, learned counsel for the respondent-department.
(2.) On 16th November, 1994, a search under Section 132 (1) of the Income Tax Act, 1961 (hereinafter referred to as the "Act, 1961") was conducted at the residential premises of the petitioner, where he along with his mother and brother resided. Again on 22nd November, 1994 a search was made at Bank of the petitioner. Rs. 2,59,900/- from the Saving Bank Account in the name of the son of the petitioner along with certificates of investments/deposits worth Rs. 3,45,997/- were seized under Section 132 (1) (iii) of the Act, 1961.
(3.) An order under Section 132 (5) of the Act, 1961 was passed by the Assessing Officer for retaining the aforesaid assets on 13th March, 1995.;