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2012 (7) TMI 515 - HC - Income TaxWrit petition - Search and seizure - prayer for release of the seized assets as well as two Bank guarantees deposited by the petitioner for release of a portion of the seized jewellery – Held that:- Matter was pending before the Settlement Commission - by virtue of the amendment in the Finance Act, 2007, on June 1, 2007, the pending proceedings before the Settlement Commission since abated, therefore, on March 31, 2008, in case the orders were not passed by then, the assessment was to be made thereafter by the Assessing Officer and, therefore, to give lease of life to such assessments, the Finance Act of 2007 also added the second proviso to section 153(4) of the Income-tax Act, 1961, on June 1, 2007, which in fact, enlarged the period of limitation by another one year with effect from March 31, 2008, i.e., up to March 31, 2009, for passing the assessment order - aforesaid provision provided a period of one additional year for completing the assessment, if the proceedings before the Settlement Commission abated under section 245HA - all assessment proceedings in pursuance of the search and seizure conducted by the Income-tax Department on February 9, 2000, are a nullity and are liable to be set aside - jewellery which finds mention in the panchnama dated February 9, 2000, is liable to be released forthwith along with two bank guarantees furnished by the petitioner for release of a portion of the seized jewellery - writ petition is allowed.
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