TMI Blog1993 (11) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... f the explained articles seized, the Department has not complied with the said order. Briefly stated, the facts are as follows : By virtue of a warrant of authorisation issued by the Director of Income-tax (Investigation), Calcutta, a search and seizure operation was carried out in the business and residential premises of the petitioner on February 25, 1993, and February 26, 1993. The operatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1993, addressed to the Commissioner of Income-tax, Shillong, it was stated that the assets mentioned in the assessee's petition dated June 26, 1993, were treated as being explained in the order under section 132(5) and, therefore, gold, jewellery and ornaments to the extent of 6,234.9 grams seized from the business premises and gold, jewellery and ornaments to the extent of 2,317.18 grams and si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .. and retain in his custody such assets or part thereof as are in his opinion sufficient to satisfy the aggregate of the amounts referred to in clauses (ii), (iia) and (iii) and forthwith release the remaining portion, if any, of the assets to the person from whose custody they were seized." Reading the said sub-section (5), it is clear that within the time limit fixed by the Legislature, namel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he other hand, Mr. Talukdar has urged that section 226 of the Act empowers the Revenue even to retain the explained seized property. Mr. Talukdar has also drawn the attention of this court to section 132B in this regard, more particularly clause (iii) of sub-section (1). In my opinion, section 226 of the Act will come into operation only after final assessment is made. This cannot apply to actio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 132B shall not apply to seized assets for which a proper explanation has been given by the person from whom such assets were seized. In the case on hand also section 132B shall not apply for which direction has been issued by the Assistant Commissioner under sub-section (5) of section 132 of the Act. In view of what has been stated above, let a writ of mandamus be issued directing the auth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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