https://www.taxtmi.com/caselaws?id=237327 The court allowed the challenge against the order rejecting the application for release of seized gold under Section 132B(1) of the Income Tax Act, 1961. It directed the Assessing Officer to consider the application without time constraints, emphasizing evaluation on merits. The petitioners provided evidence supporting that the gold was part of their stock in trade, despite accounting irregularities. The court instructed expeditious consideration and potential release to meet liabilities. Emphasizing natural justice, the court required a personal hearing for the petitioners to present their case effectively, ensuring fair assessment and procedural adherence. en-us Thu, 29 Aug 2013 00:00:00 +0530 Wed, 25 Sep 2013 07:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237327 The court allowed the challenge against the order rejecting the application for release of seized gold under Section 132B(1) of the Income Tax Act, 1961. It directed the Assessing Officer to consider the application without time constraints, emphasizing evaluation on merits. The petitioners provided evidence supporting that the gold was part of their stock in trade, despite accounting irregularities. The court instructed expeditious consideration and potential release to meet liabilities. Emphasizing natural justice, the court required a personal hearing for the petitioners to present their case effectively, ensuring fair assessment and procedural adherence. Case-Laws Income Tax Thu, 29 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237327