The assessee, a jewellery company, faced search operations covering its business and associated premises, including Locker No. 161 registered in its name. Jewellery therein was inventoried but seized by the department, claiming it belonged to directors personally. The High Court held that under section 132(1)(B)(iii), stock-in-trade cannot be seized, only inventoried. Jewellery in a locker registered in the company’s name is presumed to be company property. The revenue’s action in retaining the stock was arbitrary and without authority, particularly after expiry of the retention period under section 132B(1)(i). Direction was issued to release the jewellery forthwith. (AY. 2022-23)