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2004 (12) TMI 74 - HC - Income TaxPetitioners have approached this court for quashing the warrant of authorisation issued under section 132 and follow up action including search and seizure of gold, diamonds, ornaments and jewellery and consequent notices issued u/s 158BC - impugned action under section 132 and further action in consequence thereof including notices under section 158BC are liable to be quashed and set aside. The seizure of the gold, diamonds and jewellery, etc., was not a valid and legal search and as a necessary corollary the provisions relating to block assessment have no application. The illegal search and seizure and all consequent actions are accordingly quashed and set aside. The respondents are directed to forthwith return the gold, diamonds, jewellery and ornaments seized from petitioner No. 3 with interest at the rate of 8% p.a. on the value of the jewellery and ornaments,
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