https://www.taxtmi.com/caselaws?id=260290 Seized jewellery may be released pending adjudication where ownership remains disputed, if the revenue is fully secured by an unconditional and irrevocable bank guarantee. The Bombay HC held that the department's interest was protected by the guarantee and that release would not prejudice the revenue despite the pending ownership dispute. It also held that a circular requiring unconditional acceptance of ownership did not bar release on the peculiar facts, because the ownership question was still undecided and the security offered was adequate. The impugned orders were set aside and release was directed, leaving title to be determined in the assessment proceedings. en-us Wed, 03 Dec 2014 00:00:00 +0530 Sat, 27 Dec 2025 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260290 Seized jewellery may be released pending adjudication where ownership remains disputed, if the revenue is fully secured by an unconditional and irrevocable bank guarantee. The Bombay HC held that the department's interest was protected by the guarantee and that release would not prejudice the revenue despite the pending ownership dispute. It also held that a circular requiring unconditional acceptance of ownership did not bar release on the peculiar facts, because the ownership question was still undecided and the security offered was adequate. The impugned orders were set aside and release was directed, leaving title to be determined in the assessment proceedings. Case-Laws Income Tax Wed, 03 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260290