Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2015 (11) TMI 283

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... premises, the respondent authorities are no longer authorized to continue with such seizure made by them under section 132A of the Act. Under the circumstances, without entering into the merits of the validity of the authorization issued under section 132A of the Act, this court is of the opinion that in view of the assessment orders made in the case of the petitioner, the respondent authorities can no longer continue with the seizure of the ornaments in question and the same are required to forthwith be returned to the petitioner. For the foregoing reasons, the petition partly succeeds and is, accordingly, allowed to the following extent : The respondent authorities are directed to forthwith hand over the seized silver ornaments to the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of jewelry at Varanasi. The petitioner, in the regular course of business, through its authorised person purchased 104.36 KG silver ornaments on 17.09.2011 from Dashrath Silver Art Pvt. Ltd. with whom the petitioner had regular business transactions. The said ornaments were purchased through bills and value added tax was duly paid according to applicable laws. On 23.09.2011, the authorized person of the petitioner was searched by Railway Police while he was carrying the purchased silver ornaments back to Varanasi. During the search, the authorized person of the petitioner was found to be in possession of 228.140 kilograms silver ornaments worth ₹ 52,47,220/-. The Railway Police seized the silver ornaments from the authorised person o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... assessment years in question, appropriate orders, as may be deemed fit, be passed by the court. 5. From the facts noted hereinabove, it is apparent that the silver ornaments weighing 228.140 KG came to be seized by the respondent authorities in exercise of powers under section 132A of the Income Tax Act, 1961 in the financial year 2011- 2012. Thereafter, the assessment came to be framed by the Assessing Officer of the petitioner at Varanasi for assessment year 2012-13, whereby after taking note of such seizure made by the authorities at Surat, the return as filed by the petitioner came to be accepted without making any addition on account of such seizure. In the aforesaid premises, the respondent authorities are no longer authorized to .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates