2019 (9) TMI 1754

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.... a/w. Mr. Aditya Mehta and Mr. Bhavin Shah i/b Rashmikant and Partners. For the Respondents : Mr. P.C. Chhotaray. ORDER P.C. 1] This Motion is taken out by the original petitioners. They seek release of seized ornaments and jewellery by the department during search and seizure action conducted at the residential premises on 9.7.2008. During the course of hearing of this Motion, we had ....

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.... petition such assets should be released. 2] Before issuing final directions, a few peripheral issues may be sorted out. As pointed out by learned counsel for the department, these valuables were seized under panchanama, which shows that the seizure was from petitioner Nos. 2 and 4. Counsel for the petitioners submitted that the ornaments belong to different family members and such stand i....

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....judice the contentions of these petitioners or any of the assessees taking appropriate stand on the question of ownership of ornaments during assessment; (ii) Any of the petitioners shall provide an unconditional bank guarantee to the tune of Rs. 2,19,34,221.30 in favour of the department of any nationalised bank providing that in case of the department invoking the bank guarantee up....