Assessee-company was engaged in trading, manufacturing, and importing and exporting gold, silver, platinum and other precious metals. It did not have its own branch/office/shop in Bhubaneswar, but it transacted with various customers in said region by sending its products to Bhubaneswar via a secured courier. On 12-5-2024, officials of IT Department intercepted balance gold jewellery of certain weight which was to be shipped back to Mumbai through a courier company via air-transit at Bhubaneswar Airport and took the same in their custody. Thereafter, on 1-6-2024, a Panchanama was drawn wherein it was inter alia stated that said gold jewellery inventory was seized-It was found that though custody of gold jewellery was taken on 12-5-2024, Panchanama suggested that search/seizure commenced only on 1-6-2024. It was also found that valuation of said gold was done by the IT Department on 17-5-2024. On writ, the Court held that since gold jewellery was in the custody of IT Department long before Panchanama was prepared, and it was shown that said jewellery was stock-in-trade of assessee, entire action taken by the IT Department was contrary to law and, thus, Panchanama and consequential order dated 14-3-2025 were quashed and said seized gold jewellery was directed to be released to the assessee.