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2014 (11) TMI 731 - HC - Income TaxSource of income not disclosed – Claim of custody of gold ornaments by the income tax authority for the purpose of enquiry under the Income Tax Act - Criminal petition under Kerala Value Added Tax Act – Whether the release of gold to the first respondent in the latter Crl. M.C. would in any way affect the power of Income Tax Authority to continue with the proceedings u/s 132A - Held that:- The power of the Magistrate under Section 451 Cr.P.C. does not extend to the determination of ownership of the property seized and what was done under the impugned order is only granting the interim custody of the seized gold bars and ornaments to the first respondent in the latter Crl. M.C. subject to the conditions in the order at this distance of time viz., more than five years since the order - the release of gold to the first respondent in the latter Crl. M.C. would not in any way affect the power of Income Tax Authority to continue with the proceedings under Section 132A of the Income Tax Act and also the right to realise the amount due to Government, if any, as income tax from him out of the guarantee - the pendency of the criminal proceedings in Crime No.51 of 2008 of South Railway Police Station and all further actions pursuant thereto will not stand in the way of the Income Tax Department in initiating appropriate proceedings for the purpose of assessing tax liability of the persons concerned including the first respondent in the latter Crl.M.C., in accordance with law, besides the proceedings under Section 132A - if such proceedings are initiated by the Department it shall be concluded as expeditiously as possible and the gold seized shall be released finally only subject to the outcome of such proceedings.
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