https://www.taxtmi.com/caselaws?id=16822 Seized gold ornaments and pledge documents in a search case were directed to be released on furnishing bank guarantee for the full assessed value of the assets. The Court noted that the business was found to be engaged in unaccounted gold-loan transactions and treated the seized ornaments as undisclosed investment. It recognised that a pledgee has possession and a special property right in pledged articles, and declined to treat the seizure as illegal merely because third-party ownership was asserted. As no assessment had yet been completed under the search procedure, release was allowed subject to adequate security protecting the Department's interest. en-us Thu, 13 Feb 1997 00:00:00 +0530 Sat, 12 Sep 2009 13:40:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16822 Seized gold ornaments and pledge documents in a search case were directed to be released on furnishing bank guarantee for the full assessed value of the assets. The Court noted that the business was found to be engaged in unaccounted gold-loan transactions and treated the seized ornaments as undisclosed investment. It recognised that a pledgee has possession and a special property right in pledged articles, and declined to treat the seizure as illegal merely because third-party ownership was asserted. As no assessment had yet been completed under the search procedure, release was allowed subject to adequate security protecting the Department's interest. Case-Laws Income Tax Thu, 13 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16822