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2022 (4) TMI 1285 - GUJARAT HIGH COURTSeizure for assets in search proceedings - Application of seized or requisitioned assets u/s 132B - whether we should direct the respondents to hand over the diamonds to the writ applicant? - HELD THAT:- The statutory provision of Section 132B of the Act is very clear. There appears to be a mandate and such mandate is mandatory and not directory. This is evident from the ratio of the decision of this High Court in the case of Nadim Dilipbhai Panjvani [2016 (1) TMI 811 - GUJARAT HIGH COURT] wherein this Court has taken the view that the Courts should attach considerable importance to the time frame provided under Sections 132A and 132B when it comes to a question of retention of books of accounts or of seized assets. It is not permissible for the Court to read the time limit provided in the proviso to clause (i) of sub-section (1) of Section 132B of the Act as being merely directory. Any attempt on the part of the Court to read it as directory would substantially dilute the rigors of the statutory provisions and would give an unbridled power to the Assessing Officer to retain the seized assets awaiting the finalization of future possible liability for indefinite period without deciding the application of the person concerned who may be legitimately in a position to explain the source of the asset so seized. This writ application succeeds and is hereby allowed. The respondents are directed to hand over the seized asset (diamonds) to the writ applicant within a period of four weeks from the date of receipt of the writ of this order
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