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2023 (3) TMI 216 - GUJARAT HIGH COURTRelease the seized gold ornaments u/s 132B - unresponsiveness of the respondent Nos. 1 and 2 to the application of the petitioner made u/s 132B to release the seized gold ornaments on the ground that this is illegal action on the part of the respondent - HELD THAT:- Following the very decisions in case of Ashish Jayantilal Sanghavi Vs. Income Tax Officer [2022 (4) TMI 1285 - GUJARAT HIGH COURT] this court decided the very issue where, the Assessee -Company had filed various applications for release of diamonds seized during the search conducted upon the company under Section 132B of the I.T. Act. However, the revenue retained the assets even after the expiry of 120 days from date of last authorization for search, such seized diamonds were released to the assessee, according to the Court in view of provision of Section 132B. This writ application succeeds and is hereby allowed. The respondents are directed to hand over the seized asset (gold ornaments) to the writ applicant within a period of four weeks from the date of receipt of the writ of this order.
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