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2015 (6) TMI 215 - BOMBAY HIGH COURTRefusal to release jewellery seized - Held that:- Circular/Instruction dated 21 January 2009. Clause 3(d)inter alia, provides for release of the seized jewellery in case the ownership of the seized jewellery is accepted and the assessee concerned provides an unconditional and irrevocable bank guarantee to the extent of the value of seized jewellery. The revenue would not be prejudiced in any manner, if the jewellery is released on the bank guarantee furnished by the Individual, as according to the revenue he is the person who is owner of the seized jewellery and he undertakes through his counsel that the bank guarantee be encashed to meet the dues on the seized jewellery of any of the three petitioners. We set aside the two orders of the Commissioner of Income Tax dated 17 October 2014 and direct him to release the seized jewellery to the Individual upon satisfaction of its valuation and on the Individual furnishing unconditional and irrevocable bank guarantee of a Nationalised Bank. Needless to state that the Commissioner of Income Tax would dispose of the petitioners' applications for release of the seized jewellery in terms of this order, as expeditiously as possible and preferably before 10 December 2014, keeping in view the marriage in family is scheduled on 15 December 2014.The aforesaid bank guarantee of Nationalised Bank wold be valid for a period of four months from today. The petitioners undertake to return the seized jewellery to the revenue at the end of the period of three months.
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