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HC disposed of writ petition seeking to quash seizure panchanamas of gold jewellery worth Rs.3.17 crores weighing 4698.81 grams claimed as stock-in-trade. Gold was initially seized by Railway Police Force and subsequently requisitioned by Deputy Director of Income Tax under Section 132A of IT Act. Petitioner filed application for release under Section 132B to DDIT(Inv.) instead of Assessing Officer as statutorily required. HC directed that application be decided by proper AO within six weeks, finding interest of justice required compliance with first proviso to Section 132B requiring application to AO rather than DDIT(Inv.).
HC disposed of writ petition seeking to quash seizure panchanamas of gold jewellery worth Rs.3.17 crores weighing 4698.81 grams claimed as stock-in-trade. Gold was initially seized by Railway Police Force and subsequently requisitioned by Deputy Director of Income Tax under Section 132A of IT Act. Petitioner filed application for release under Section 132B to DDIT(Inv.) instead of Assessing Officer as statutorily required. HC directed that application be decided by proper AO within six weeks, finding interest of justice required compliance with first proviso to Section 132B requiring application to AO rather than DDIT(Inv.).
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