2016 (8) TMI 648

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.... upon the respondents to forthwith release the jewellery to the petitioner, which were seized during the course of search during September 1996 and recorded in the panchanama dated 27.09.1996. 3. It is rather surprising to note as to why the petitioner, all of a sudden, in the year 2013 staked a claim to the jewellery, which were seized by the Department in search and seizure operation conducted during September, 1996. 4. Be that as it may, the question would be as to whether such a direction sought for, could be issued by this Court, in a petition under Article 226 of the Constitution of India. 5. The case of the petitioner revolves primarily on two facts:- (i) Firstly, by referring to panchanama dated 27.09.1996, which s....

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.... filed by the 4th respondent after allowing credit of jewellery for about 200 grams, which was also admitted by him in the return of income already filed, the investment in the balance jewellery was treated as unaccounted investment made by 4th respondent. Accordingly, the value of the same amounting to Rs. 11,74,530/- was added to the income in the case of the 4th respondent, treating it as unexplained investment made by him during the financial year relevant to assessment year 1997-1998 in the assessment order dated 29.09.1997. 9. It is further submitted that the 4th respondent filed an appeal as against the said assessment order before ITAT. The appeal was allowed and the order of assessment was set aside and the assessing officer has....

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....y referring to sub-section (4A) of Section 132. 15. It is submitted by the petitioner that it has to be presumed that jewellery which were seized from the locker standing in the name of the petitioner are owned by the petitioner and the jewels of the petitioner more particularly, in the light of the observations made in the panchanama. Reference was also made to Sub-Section 4 of Section 132 regarding the effect of statements recorded during the course of search and it is submitted that the panchanama refers to the name of the petitioner and it goes without saying, that the petitioner has made a claim and therefore, the jewels should be returned to the petitioner. 16. Per contra, the learned standing counsel appearing for the responden....