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2003 (3) TMI 93 - HC - Income TaxWhether the respondents were liable to release the jewellery to the petitioner because that is the entire stock-in-trade of them and that their business is at a stand still for the last nine months? - The assessing authority will examine the books of account and other material that may be produced before him and record a finding whether the jewellery seized from Rajiv Kapoor which is presently lying at Bhopal, has been accounted for or not. In case the assessing authority comes to the conclusion that the jewellery has been accounted for, he shall pass an order releasing the same forthwith. In case such an order is passed, the concerned Commissioner of Income-tax at Bhopal will release the jewellery forthwith to the representatives of the petitioner.
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