TaxTMI 
TaxTMI 
2024 (6) TMI 1473
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....allenging the seizure of jewellery which was said to be stock-in-trade by the petitioner was refused to be handed over from seizure. The premises of the case would emerge from the facts that on 19.10.2023, a search and seizure action under Section 132 of the Income Tax Act, 1961 was conducted at the residence-cum-business premises of appellant M/s Paras Jewelers at Jagdalpur. On the same date, the preliminary statement of Paras Chand Jain was recorded under Section 131(1A) of the Act of 1961. (ii) Subsequent to it, the Government Approved Valuer prepared a valuation report for the gold ornaments and silver ornaments found in the residence of Shri Inder Chand Jain. On 20.10.2023 and 21.10.2023, statement of Paras Chand Jain was recorded und....
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....t to be released. The learned Single Bench dismissed the petition on the ground that the appellant may avail the remedy under Section 132B(i) of Income Tax Act, 1961 and apply before the Principal Commissioner Central Circle for release of the gold & other ornaments. 2. Learned counsel for the appellant would submit that as per Section 132(1)(iii) if the goods which are seized form part of stock-in-trade, then they could not be seized at all. He would submit that learned Single Bench completely ignored this provision and went upon Section 132-B(i) to say that the appellant can apply for release of the goods on payment of tax. He would further submit that direction ipso facto would lead to admission of the fact that they were unaccounted, b....
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....ever event of facts demonstrates that though appellant claimed the goods under stock- in-trade, but in order to put the goods which in such basket as stock-in- trade were seized, as stock-in-trade, prima facie it requires that it is to be proved as stock-in-trade by supporting documents. The stock-in-trade has not been defined under the Income Tax Act, 1961. It is a general parlance, the definition by meaning how it attributes the goods purchased or procured and put into stock of running business and ignorance may be ominous to draw adverse inference. 6. When the appellant itself has stated in the statement (question 17 and 18) recorded under Section 132(4) of the Act of 1961 that they do not possess any bill or invoices, prima facie by ma....