2023 (8) TMI 1358 - HC - Income Tax

Gold bullion seized as found during search operations - HELD THAT - Respondent(s) on instructions has made a statement on going through the records that till date no order has been passed by the competent authority under Section 132B of the Income Tax Act. The consequence thereof is that the period of 120 days have been elapsed. The goods (Gold Bullion weighing 4, 000 grams) which were taken in possession have to be released. Respondent(s) as informs the Court that in case the petitioner approaches the competent authority for release of the Gold Bullion the same shall be accordingly released. List this case for consideration on 14th August 2023.

Summary

The High Court of Rajasthan stated that no order has been passed under Section 132B of the Income Tax Act, leading to the release of 4,000 grams of Gold Bullion. The goods will be released if the petitioner approaches the competent authority. Case to be considered on 14th August, 2023.