Answers On Topic: release of jewellery
Assessee is an individual. During the course of search on the residential and business premises in the year 2011. Undisclosed jewellery was seized . The assessee has disclosed the same and paid taxes due . When assessment and appeals of group concerns and family members were completed , since 2016 assessee is pursuing the matter for release of jewellery. However no action is taken on the application made for release of jewellery. In the year 2021, again search took place and again some jewellery was seized. Now PCIT is not releasing jewellery on the ground that there is liability going…
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Sir In case of D search takes place in FY 2019-20 and few jewelry and cash was seized. No assessment u/s 153A was completed till 30-09-2021, being extended period of limitation for completion of assessment. However in Oct-2021 AO issues notices u/s 153C for AY 2013-14 to AY 2020-21 ie for 7 years. please tell if these notices are valid in view of non applicability of Sec 153C from 01-04-21 onwards, as the date of search in such case will be oct 2021 when the documents handed over to AO of other person has been over by AO of searched…
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Release of jewellery