Kerala High Court Decides Money in Bank Account is 'Property' Under Income Tax Act

The Kerala High Court ruled that money in a bank account qualifies as 'property' and can be provisionally attached under Section 281B of the Income Tax Act. 

The court clarified that even though bank accounts aren’t explicitly mentioned in the Act, they fall under the term "any property". This provision allows tax authorities to attach assets to prevent tax evasion. 

The case involved an assessee whose bank accounts were attached after unexplained cash was seized.

The court emphasized that attachments must match the probable tax demand and not exceed it. The ruling ensures fair use of provisional attachment powers by tax authorities.