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2018 (5) TMI 263 - RAJASTHAN HIGH COURTSeeking release the seized jewellery - jewelry found in search proceedings - possession of certain jewelry or ornaments - Held that:- The petitioner No.2 has placed before the respondents’ documents to show that the jewellery seized was part of their stock-in-trade. Documents to that effect has also been placed to show that the petitioner No.2 was carrying them for the purpose of sale as well as approval, transaction memos and the boarding pass, insurance policy were relevant for the said purpose. However, a look at the impugned order is quite amazing. In view of Section 132B proviso, the jewellery was liable to be released. In the light of the statement made under Section 132(4) by petitioner No.2 and in view of the documents and statements put forward on behalf of the petitioner No.1, there was no occasion to or reason to believe that the jewellery is part of undisclosed income of the petitioner No.2. Case of Diomondstar Exports Ltd. & Ors.(2004 (12) TMI 74 - BOMBAY High Court) and CIT Versus Vindhya Metal Corporation, reported in [1997 (3) TMI 3 - SUPREME Court] followed wherein held merely because there is an intimation that a person is with possession of certain jewelry or ornaments was not sufficient ground for purpose of action under Section 132 and seizure was held to be invalid. - Decided in favour of assessee.
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