https://www.taxtmi.com/caselaws?id=444154 The court ruled in favor of the petitioners, finding the seizure of gold bullion during a search operation to be illegal as it constituted stock-in-trade duly recorded in their books of accounts. Despite the respondents' allegations of non-cooperation and incriminating findings, the court emphasized the statutory obligation to consider the petitioners' representation for the release of seized assets. The court held that under relevant legal provisions, stock-in-trade should not be seized but inventoried, directing the return of the gold bullion to the petitioners and allowing the writ petition due to the respondents' failure to act in accordance with the law. en-us Thu, 05 Oct 2023 00:00:00 +0530 Tue, 10 Oct 2023 09:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444154 The court ruled in favor of the petitioners, finding the seizure of gold bullion during a search operation to be illegal as it constituted stock-in-trade duly recorded in their books of accounts. Despite the respondents' allegations of non-cooperation and incriminating findings, the court emphasized the statutory obligation to consider the petitioners' representation for the release of seized assets. The court held that under relevant legal provisions, stock-in-trade should not be seized but inventoried, directing the return of the gold bullion to the petitioners and allowing the writ petition due to the respondents' failure to act in accordance with the law. Case-Laws FEMA Thu, 05 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444154