https://www.taxtmi.com/caselaws?id=11355 The court ordered the release of jewellery seized during income tax raids on the petitioner's lockers. Despite the tax authorities' resistance based on pending appeals and demands against the petitioner's late father, the court directed the release of the jewellery as there were no existing liabilities against the petitioner. Emphasizing the application of Section 132B of the Income-tax Act, the court highlighted that assets should be released once liabilities are discharged. The authorities' failure to justify withholding the assets led to the court ruling in favor of the petitioner, who was also awarded costs for unnecessary litigation. en-us Fri, 23 Jan 2004 00:00:00 +0530 Fri, 07 Aug 2009 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11355 The court ordered the release of jewellery seized during income tax raids on the petitioner's lockers. Despite the tax authorities' resistance based on pending appeals and demands against the petitioner's late father, the court directed the release of the jewellery as there were no existing liabilities against the petitioner. Emphasizing the application of Section 132B of the Income-tax Act, the court highlighted that assets should be released once liabilities are discharged. The authorities' failure to justify withholding the assets led to the court ruling in favor of the petitioner, who was also awarded costs for unnecessary litigation. Case-Laws Income Tax Fri, 23 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11355