Dismissing the petition, that in view of section 132B(4), the stipulation of 120 days for release of the seized jewellery and gold shall not be mandatory. It is directory in nature, as non-release of seized jewellery and gold within 120 days entails consequences in the nature of interest to be paid. The court could not act as the Assessing Officer by relying upon the contentions of the assessees to conclude that the jewellery and gold need to be released to the assessees as they had sufficiently explained. The second proviso to section 132B(1)(i) would only get attracted after the Assessing Officer had determined the liability and had come to the conclusion that the nature and source of acquisition had been explained by the assessees concerned, since it was only after the determination of the liability that the assets or gold should not be retained by the Department. The assessees were not precluded from seeking release of the jewellery and gold against bank guarantee by filing an application before the Assessing Officer in accordance with law.