https://www.taxtmi.com/caselaws?id=763768 The Rajasthan HC upheld proceedings under sections 131/132 of the Income Tax Act involving seizure of jewelry weighing 4603.110 grams gross and 4146.69 grams net under section 132A. The petitioner failed to provide itemized stock register matching seized items, with net weight differing from closing stock dated 21.03.2024. Bills worth Rs. 50 lakhs did not correspond to gold items valued at Rs. 2.16 crores. The court found factual disputes regarding stock register and seized quantity justified continued custody under section 132B. Assessment proceedings for 2024-25 remain ongoing with tax liability undetermined. The HC rejected the petition, noting adequate opportunity was provided under section 131 summons and proper approvals were obtained before initiating section 132A proceedings. en-us Fri, 20 Dec 2024 00:00:00 +0530 Fri, 27 Dec 2024 09:00:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763768 The Rajasthan HC upheld proceedings under sections 131/132 of the Income Tax Act involving seizure of jewelry weighing 4603.110 grams gross and 4146.69 grams net under section 132A. The petitioner failed to provide itemized stock register matching seized items, with net weight differing from closing stock dated 21.03.2024. Bills worth Rs. 50 lakhs did not correspond to gold items valued at Rs. 2.16 crores. The court found factual disputes regarding stock register and seized quantity justified continued custody under section 132B. Assessment proceedings for 2024-25 remain ongoing with tax liability undetermined. The HC rejected the petition, noting adequate opportunity was provided under section 131 summons and proper approvals were obtained before initiating section 132A proceedings. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763768