Dismissing the writ appeal the Court held that   when the assessee itself had stated in the statement recorded under section 132(4) that it did not possess any bill or invoices, prima facie, the goods so seized were not stock-in-trade within the meaning of section 132(1)(iii). The assessee was not entitled to release of the assets from seizure. Under section 132(1)(iii) of the Income-tax Act, 1961, if the goods which are seized form part of stock-in-trade, then they could not be seized at all. Prima facie it is to be proved as stock-in-trade by supporting documents. The term “stock-in-trade” has not been defined under the Income-tax Act, 1961. It is a general parlance expression, and means goods purchased or procured and put into the stock of a running business.