2026 (1) TMI 553

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....9/2025 CM APPL. 41156/2025, W. P. (C) 7450/2025 CM APPL. 41193/2025, W. P. (C) 7451/2025 CM APPL. 41164/2025, W. P. (C) 7452/2025 CM APPL. 41199/2025, W. P. (C) 7473/2025 CM APPL. 41194/2025. - -<br>Income Tax<br>HON&#39;BLE MR. JUSTICE DINESH MEHTA AND HON&#39;BLE MR. JUSTICE VINOD KUMAR For the Petitioner Through: Mr. Sachit Jolly, Sr. Adv. with Mr. Rashi Khanna, Mr. Devansh Jain, Mr. Sohum D....

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....sel for the petitioner argued that the petitioners are assessees and have been furnishing their returns and paying applicable income tax regularly. 3. It was asserted that during the course of search, the Department alleged above referred valuables to be out of the undisclosed income and seized them, though every seized article is explained/explainable. 4. He nevertheless submitted that Ms. ....

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....to deposit an amount equal to the probable tax liability, as advance tax/self-assessment tax for Assessment Year 2025-26 so that in case, any demand is raised, the interest of Revenue remains protected. 7. Though with some reluctance, however on instructions, Mr. Sachit Jolly, learned Senior counsel for the petitioners agreed to the proposal so made by Mr. Gaurav Gupta, learned Senior Standing ....

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.... (ii). Upon aforesaid amount being deposited and a copy of the challan produced before the respondent No. 1 (Assistant/Deputy Commissioner), entire jewellery, bullion and cash/forex seized (approximately 6.862 Kg gold jewellery & bullion and Rs. 40,00,000/- as cash/forex) shall be released within a period of seven days. 10. All the Writ Petitions along with pending applications, stand di....