https://www.taxtmi.com/caselaws?id=412083 The court found the seizure of jewellery and diamonds to be illegal under Section 132 of the Income Tax Act, directing the release of the assets to the petitioners. Emphasizing the importance of adhering to procedural requirements, the court ruled that mere suspicion is inadequate for seizure. The petitioners were also granted interest as compensation for the wrongful retention of their assets. en-us Tue, 07 Sep 2021 00:00:00 +0530 Wed, 17 Nov 2021 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412083 The court found the seizure of jewellery and diamonds to be illegal under Section 132 of the Income Tax Act, directing the release of the assets to the petitioners. Emphasizing the importance of adhering to procedural requirements, the court ruled that mere suspicion is inadequate for seizure. The petitioners were also granted interest as compensation for the wrongful retention of their assets. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412083