Gold jewellery seizure held ultra vires; faulty panchanama quashed, stock-in-trade ordered released within two weeks

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....HC allowed the writ petition, holding that the seizure and continued retention of 7,738.80 gms of gold jewellery were ultra vires and contrary to law. It found the Panchanama dated 01.06.2024 unreliable and inconsistent with contemporaneous records, which clearly showed that the jewellery had already been taken into custody on 12.05.2024 and valued on 17.05.2024. HC rejected the revenue's affidavit explanation as contrary to the record and accepted the petitioners' evidence that the jewellery constituted stock-in-trade of Petitioner No. 1. Consequently, HC quashed the impugned order and the Panchanama dated 01.06.2024 and directed the respondents to release the seized gold jewellery to Petitioner No. 1 within two weeks of uploading of the order.....