2017 (10) TMI 109

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....r seeks for issuance of Writ of Certiorarified Mandamus, to quash the order passed by the third respondent dated 17.05.2017, and to direct the revenue to release the entire gold, jewellery and cash, which were seized from the business premises. 3. It may not be necessary to make an elaborate discussion on the merits of factual aspects, in the light of the relief to be granted by this Court in this writ petition. 4. Earlier the petitioner had filed a writ petition in W.P.No.14793 of 2016, seeking for issuance of writ of mandamus, to direct the respondents herein to release 20,643.97 gms of gold and jewellery seized vide Panchanama dated 21.11.2012. The said writ petition was disposed of by order dated 22.04.2016, with a direction to th....

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....ome-tax Act is outstanding; there is a likelihood of penalty demand on finalization of penal proceedings consequent to the order of the Hon'ble ITAT and no approval should be given for release where the valuation or the ownership of any particular seized assets is disputed, for which the circular of the C.B.D.T. dated 21.01.2009 has been relied on. 7. Thus, what has primarily weighed in the mind of the third respondent to reject the petitioner's request is that there is a likelihood of levy of penalty upon finalization of the proceedings by the ITAT, apart from the fact that the demand for interest is yet to attain finality in the light of the application filed by the petitioner for waiver. Thus, considering the facts and circums....