2008 (11) TMI 690

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....ared the residence and business of goldsmith, jewellery weighing 53.63 kgs. of silver was seized. The said Lachhman Das Verma admitted that out of the jewellery seized, 10 kgs. of jewellery belonged to the petitioner. On 31-3-1982, assessment order was passed. However, the said order was set-aside and after remand, fresh assessment order dated 29-10-1999 (Annexure P-1) was passed, wherein it was, inter alia, held:- ". . . The benefit of disclosure made by Sh. Rajinder Kumar, therefore, cannot be denied to the assessee when the findings of the search action have been collectively reported at one point. Silver jewellery found is accordingly considered further explained to the extent of 10 kgs. as covered by the disclosure of Sh. Rajin....

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....e (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 be in default, may be recovered out of such assets: Provided that where the person concerned makes an application to the Assessing Officer within thirty days from the end of the month in which the asset was seized, for release of asset and the nature and source of acquisition of any such asset is explained to the satisfaction of the Assessing Officer, the amount of any existing liability referred to in this clause may be recovered out of such asset and the remaining portion, if any, of the asset may be released, with the prior approval of the Chief Commissioner or Commissioner, to the pe....