Seizure of stock-in-trade: bullion and jewellery found in searches must be inventoried not seized; scope covers specified search provisions. Bullion, jewellery or other valuable articles constituting a business's stock-in-trade found during a search shall not be seized; the authorised officer must instead make a note or inventory of such stock-in-trade, and the second proviso to sub section (1) is inapplicable to such valuable stock-in-trade. Sub section (8) is amended to broaden its cross-reference so that the provision applies to the designated search-based assessment provision as well as the previously referenced clause.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Seizure of stock-in-trade: bullion and jewellery found in searches must be inventoried not seized; scope covers specified search provisions.
Bullion, jewellery or other valuable articles constituting a business's stock-in-trade found during a search shall not be seized; the authorised officer must instead make a note or inventory of such stock-in-trade, and the second proviso to sub section (1) is inapplicable to such valuable stock-in-trade. Sub section (8) is amended to broaden its cross-reference so that the provision applies to the designated search-based assessment provision as well as the previously referenced clause.
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