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TMI Blog2013 (9) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... release atleast 70% to 50% of the seized gold while retaining the balance to meet the existing liability of the petitioners – Partly decided in favor of Assessee. - Writ Petition No. 1214 of 2013 - - - Dated:- 29-8-2013 - Mohit S Shah And M S Sanklecha, JJ. For the Appellant : Firoz Andharujina, Sr. Adv. And Mr. Sameer G Dalal For the Respondent : Sureshkumar JUDGEMENT:- PC: Notice to the respondents, returnable on 16 September 2013. Affidavit in reply shall be filed by 12 September 2013. 2. The petition inter alia challenges the order dated 8 March 2013 of the Assessing Officer rejecting the petitioners application dated 27 June 2012 for release of the 5.25 Kgs., of seized gold under Section 132B(1) of the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 3 May 2012 (Exhibit N page page 103) to the Deputy Director of Incometax at Vijaywada, Andhra Pradesh where the seizure was made. The learned counsel for the petitioners, therefore, submits that the petitioners' application for release was required to be dealt with on merits and could not have been rejected on the ground that it was made beyond the prescribed time limit. 5. Secondly, on merits, it is submitted that the Assessing Officer had erred in observing that the petitioners' case that the jewellery was part of stock in trade of M/s.Hemratna Jewellers could not be substantiated during the investigation by Investigation Wing during spontaneous cross verification. It is submitted that in the said letter dated 3 May, 2012 to the Depu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted the Income Tax Department in its various letters such as letter dated 8 June 2012 from the Income Tax Officer, Hyderabad to the petitioners Chartered Accountant (Exhibit P page 115) and letter dated 27 September 2012 from the Income Tax Officer to the Petitioners Chartered Accountant (Exhibit S page 125) the seized gold has been referred to as Seizure of Gold Stockintrade by DDI, Vijayawada in the case of M/s.Hemratna Jewellers of Mumbai Reg. In view of the above, it is submitted that as the seized gold is admittedly a part of the petitioners stock in trade, the respondents ought to have released the seized gold. This is particularly so in view of the ensuing festivals the petitioners urgently require the seized gold for the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioners had offered their explanation and sought release of the seized gold from the Income Tax Department at Vijaywada where the seizure was made within 30 days from the date of the seizure. The Assessing Officer shall consider the aforesaid application dated 27 June 2012 (Exhibit Q) and application dated 28 January 2013 (Exhibit T) on merits as expeditiously as possible and in any case within two weeks from today. In case the Assessing Officer is not inclined to allow the applications for release of seized gold to the extent of 5.25 Kgs., in its entirety the Assessing Officer shall consider the petitioners alternative prayer made at the hearing today to release atleast 70% to 50% of the seized gold while retaining the balance to meet t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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