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2016 (5) TMI 550 - GAUHATI HIGH COURT

2016 (5) TMI 550 - GAUHATI HIGH COURT - [2016] 384 ITR 46 - Retention of seized assets - Held that:- Section 132B was discussed and interpreted by a Division Bench of the Gujarat High Court in Mitaben R. Shah vs. Deputy Commissioner of Income Tax and another (2010 (2) TMI 684 - Gujarat High Court) like in the case at hand, no decision was taken by the Revenue Department within 120 days from the date on which the last authorization for search under Section 132 was executed despite filing of an ap .....

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zed assets in view of the mandate contained in second proviso to Section 132B(1)(i) of the Act. This decision does not seem to have been challenged by the Revenue Department before the Supreme Court. For the reasons stated in the decision, we too find ourselves in complete agreement with the view taken by the Division Bench of Gujarat High Court.

Thus direct the respondents to immediately release the seized assets of the petitioners. - WP (C) No. 4362 of 2015 - Dated:- 2-5-2016 - CJ A .....

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etitioner No.2 is Karta of the family and petitioner No.2 and 3 are his wife and son. 3. The petitioners were subjected to search under Section 132 of the Act from 9.10.2014 onwards on different dates pursuant to execution of warrants of authorization for each search. According to the petitioners, jewellery, ornaments and bullion etc. amounting to ₹ 13,44,70,018/- were seized from different premises of the petitioners. 4. On 26.11.2014, the petitioners made an application for release of th .....

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015 (Annexure-22) by the Assistant Commissioner of Income Tax, Circle-4, Guwahati that by order dated 28.1.2015 centralization of their cases has been done with CIT (Central) 3, New Delhi and therefore jurisdiction of the office of Assistant Commissioner of Income Tax, Guwahati had ceased. By the said communication dated 13.7.2015, the Assistant Commissioner also informed the petitioners that their application dated 26.11.2014 was treated as disposed of in the light of order dated 28.1.2015. 5. .....

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ithin a period of 120 days from the date on which the last authorization for search under Section 132 of the Act was executed. This is also obvious from the communication dated 1.7.2015 (Annexure-D9) addressed to the Additional Commissioner of Income Tax, Guwahati from the office of the Principal Commissioner of Income Tax, Guwahati. The communication reads as under: OFFICE OF THE PRINCIPAL COMMISSIONER OF INCOME TAX, GUWAHATI-2 Ayakar Bhawan, 2nd Floor, G.S.Road, Guwahati -781 005 Phone: CIT 23 .....

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dt. 08.06.2015 and No.ACIT/Cir-4/GHY/Malu Group/Search/2015-16/488 dt.19.06.2015. 2. It is seen from the report of the Assessing Officer that assessee has filed application as per 1st proviso to Section 132B(1)(i) of the Income-Tax Act, 1961 for release of Gold Ornaments and Jewelleries within prescribed time of 30 days of the end of the month of seized of such items. This application was not disposed off within 120 days prescribed in 2nd proviso to Section 132B (1)(i) of the Income Tax Act,1961 .....

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source of seized silver items. 6. It is also seen that you have also recommended for release of the said seized of the items which is reproduced as under:- In view of the detailed report submitted, release of the Gold Jewellery, Gold Bar, Coins and Diamonds for a sum of ₹ 8,23,36,841/- may be considered for release u/s 132B(1)(i) of the Income Tax Act, 1961 subject to clearance of outstanding liabilities stated. 7. In the ratio and the principle of the decision of the Hon ble Supreme Court .....

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Gujarat High Court, 42DTR124 (Guj), is identical to this case. Relevant portion of the decision is reproduced hereunder:- In the above view of the matter, all these orders which are challenged in the present group of petitions retaining assets beyond the period of 120 days are hereby quashed and set aside and the respondent authorities are directed to release the gold ornaments and jewellery seized by them during the course of search and seizure operation forthwith and in any case not later tha .....

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f ₹ 90,24,420/-. The Assessing Officer may be directed accordingly. Sd/- Illegible (Vinay Kumar) Pr. Commissioner of Income Tax Guwahati-2, Guwahati. 7. Section 132B of the Act deals with application of seized or requisitioned assets and the manner in which assets seized be dealt with. The relevant Section 132B(1) reads as under:- Section 132B. (1) The assets seized under section 132 or requisitioned under section 132A may be dealt with in the following manner, namely :- (i) The amount of .....

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for the block period, as the case may be (including any penalty levied or interest payable in connection with such assessment) and in respect of which such person is in default or is deemed to be in default, may be recovered out of such assests: [Provided that where the person concerned makes an application to the Assessing Officer within thirty days from the end of the month in which the asset was seized, for release of asset and the nature and source of acquisition or any such asset is explai .....

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