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2013 (3) TMI 126 - RAJASTHAN HIGH COURTSearch u/s 132 - 1004.8 gms of gold ornaments seized - demanding the bank guarantee for the entire value of the jewellery seized - Held that:- A bare perusal of the Circular issued by CBDT(Annex.8) dated 21st January, 2009 indicates that detention of the assets has been provided and permitted only so long as there is some outstanding demand of tax and penalty against an assessee or expected liability of such tax or penalty, obviously to safeguard the interest of Revenue for the realization or recovery of such demand of tax, interest and penalty. But, in the present case, admittedly there is no demand of tax, interest and penalty outstanding against the petitioner for the period in question, for which the assessment orders were passed, there is no justification for detention of seized assets particularly jewellery, which includes her personal 'Stridhan' for which more than five years have lapsed by now. At the same time, the demand of bank guarantee to the extent of full value of said jewellery vide the impugned communication dated 16.04.2012 also does not appear to be justified in these circumstances. The continued detention and retention of these Gold ornaments and jewellery of petitioner - assessee by the respondent- Income-tax Department is without any valid reason - in favour of assessee.
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