2016 (5) TMI 550

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....rt "the Act"). 2. Petitioner No.1 is Hindu Undivided Family. Petitioner No.2 is Karta of the family and petitioner No.2 and 3 are his wife and son. 3. The petitioners were subjected to search under Section 132 of the Act from 9.10.2014 onwards on different dates pursuant to execution of warrants of authorization for each search. According to the petitioners, jewellery, ornaments and bullion etc. amounting to Rs. 13,44,70,018/- were seized from different premises of the petitioners. 4. On 26.11.2014, the petitioners made an application for release of their assets under first proviso to Section 132B(1)(i) of the Act to the Assessing Officer within 30 days from the end of the month in which the assets were seized. The petitioners also....

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.... 1.7.2015 (Annexure-D9) addressed to the Additional Commissioner of Income Tax, Guwahati from the office of the Principal Commissioner of Income Tax, Guwahati. The communication reads as under: " OFFICE OF THE PRINCIPAL COMMISSIONER OF INCOME TAX, GUWAHATI-2 Ayakar Bhawan, 2nd Floor, G.S.Road, Guwahati -781 005 Phone: CIT 2341460, ACIT (HQ) 03612345124, ITO(Tech) 0361-2340373 F.No.A-6/Seiz/Pr.CIT/GHY-2/2015-16/1458 Dated 01.07.2015 To, The Additional Commissioner of Income Tax, Range-4, Guwahati, Aayakar Bhawan, Guwahati-781 005 Sub: Release of Gold Ornaments and Jewelleries seized in respect of Malu Group case -regd. Please refer to your lett....

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....,841/- may be considered for release u/s 132B(1)(i) of the Income Tax Act, 1961 subject to clearance of outstanding liabilities stated." 7. In the ratio and the principle of the decision of the Hon'ble Supreme Court of India in the case of Sree Ayyanar Spinning & Weaving Mill Limited vs. CIT dated 01.05.2008 30 ITR 0434, since the application filed by the assessee under 1st proviso of Section 132B (1)(i) of the I.T.Act, 1961, the application is well within the prescribed time limit of 30 days from the end of the month seized, the application can be disposed off even after 120 days of time prescribed 2nd proviso to section 132B(1)(i) is lapsed. The case of Mitaben R. Shah vs. DCIT decided by the Hon'ble Gujarat High Court, ....

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....following manner, namely :- (i) The amount of any existing liability under this Act, the Wealth-tax Act, 1957 (27 of 1957), the Expenditure-tax Act, 1987 (35 of 1987), the Gift-tax Act, 1958 (18 of 1958) and the Interest-tax Act, 1974 (45 of 1974), and the amount of the liability determined on completion of the assessment under section 153A and the assessment of the year relevant to the previous year in which search is initiated or requisition is made, or the amount of liability determined on completion of the assessment under Chapter XIV-B for the block period, as the case may be (including any penalty levied or interest payable in connection with such assessment) and in respect of which such person is in default or is deemed to b....