Notice issued for hearing on asset release petition under Income Tax Act, focusing on seized jewelry The court issued a notice for a hearing on 04.10.2021 to address the petitioners' request for the release of assets seized under section 132 of the Income ...
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Notice issued for hearing on asset release petition under Income Tax Act, focusing on seized jewelry
The court issued a notice for a hearing on 04.10.2021 to address the petitioners' request for the release of assets seized under section 132 of the Income Tax Act in connection with their sibling's case, specifically focusing on the non-release of seized jewelry despite providing explanations and evidence. The court acknowledged the lack of response to the petitioners' communications and requests for the return of the jewelry and indicated that further proceedings would take place to resolve the issue.
Issues Involved: Petition seeking release of assets seized under section 132 of Income Tax in relation to sibling's case, non-release of seized jewelry despite explanations and evidence provided, lack of response to communications and requests for return of jewelry.
Analysis: The petitioners have approached the court to seek the release of assets seized during a search and seizure operation under section 132 of the Income Tax Act in connection with their sibling's case. Specifically, jewelry owned by the petitioners was seized during the proceedings but has not been returned despite the petitioners providing explanations regarding the source of the jewelry, its purchase details, and even presenting Wealth Tax Returns for the relevant assessment year, showing assets worth &8377; 2 Crores. The petitioners have made multiple communications and requests for the return of the jewelry, but no response has been received to date.
The petitioners' advocate highlighted that in the case of the brother of the petitioners, an Assessment Order was issued on 10.03.2016, wherein no additions were made by the authorities. Furthermore, it was pointed out that the petitioner's communications regarding the seized jewelry have not been addressed by the concerned authorities. The advocate also mentioned that an appeal challenging the Assessing Officer's order has been filed, and the current status of this appeal can be provided at the next hearing. The court has issued a notice for the case to be heard on 04.10.2021, indicating that further proceedings will take place to address the issues raised by the petitioners regarding the non-release of the seized assets, particularly the jewelry.
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