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of Assessee's petition dismissed. HC held seizure of jewelry stock u/s 132A valid. Itemized stock register not furnished by assessee to authorities' satisfaction. Net weight of seized jewelry differed from closing stock. Difference in valuation of seized jewelry and bills produced. Ongoing assessment proceedings to determine tax liability. Factual disputes regarding stock register and seized quantity to be considered in assessment. Opportunity given to assessee u/s 131 to explain source of gold. Seizure u/s 132A after due approval. Stock register present but not matching jewelry items/bills. Seizure justified at this stage, compulsory proceedings to follow. Assessee's remedies during assessment proceedings. Argument that stock-in-trade cannot be seized u/s 132(1)(iii) rejected. Seeking quashment of proceedings u/ss 131/132 citing lack of 'reasons to believe' rejected.
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