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2023 (7) TMI 689 - HC - Income TaxUnaccounted gold found in search - unaccounted investment - search and seizure, carried out u/s 132 - approval for release of the seized gold weighing 100.350 grams of the petitioner - HELD THAT:- Admittedly, in the case of the petitioner, there is no demand remains outstanding or pending, for any of the liabilities referred to in the aforesaid provisions for any assessment year, after giving effect to the order of the Appellate Authority dated 25.02.2021. Therefore, merely, because, some demand is pending qua M/s. Anant Jewellers, it is not open to the Respondent-authorities to continue to withhold the gold, weighing 100.350 grams, which is of the ownership of the petitioner. Considering the provisions of Section 132B of the Act as well as the observations made in RAKESHKUMAR BABULAL AGARWAL [2022 (3) TMI 527 - GUJARAT HIGH COURT] we are of the considered view that, since, the order passed by the Appellate Authority has attained finality, as the Respondent-authorities have not challenged the same before a higher forum, we are left with no other option, but, to accept the case put forth by the petitioner that the gold in question belongs to him and he had accounted the same in his books of accounts. Therefore, the Respondent-authorities ought not to have withheld the gold in question. Petition allowed. Respondent No. 1 is DIRECTED to grant approval for release of the remaining seized gold, weighing 100.350 grams, in favour of the petitioner, at the earliest.
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