2012 (11) TMI 593

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..... SRI.JOSE JOSEPH, SC, FOR INCOME TAX JUDGMENT Petitioner is a jeweller. On 24.11.2000, petitioner's premises was searched under Section 132 of the Income Tax Act. During the search, gold ornaments weighing 19014 grams valued at the rate of Rs.79,85,880/- were seized. Block assessment for the block period 1991-92 to 2001-2002 under Section 158BC was completed and gold ornaments weighing 1866....

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....nsider the issue on merits. The matter was pending before the Commissioner (Appeals). It was at that stage, after making a request to respondents, the petitioner filed this writ petition, with the following prayers: A. Under Sec.132B(i) of the IT Act, the assets seized under Sec.132(1)(B)(iii) and retained by the respondents are liable to be adjusted, against any amounts that may be found du....

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....appears that following the remand by Tribunal, the appeal was pending consideration of the Appellate Commissioner. It is also seen that on the petitioner's request for disposal of sufficient quantity of gold ornaments or to return the gold retaining sufficient quantity with the Department to safeguard the interest of the revenue, the Commissioner of Income Tax passed orders and accordingly, one....