Allowing the petition the Court held that there was no demand outstanding in the case of the assessee’s spouse. Thus, after adjustment of the outstanding demand of Rs.9,24,501 shown as outstanding in the case of Mrs Saritha Gupta the balance fixed deposit receipt as well as the jewellery seized during the course of search conducted on September 8, 2010 had to be returned.( AY. 2005-06, 2010-11)
Sandeep Raghunath Gupta v. DCIT (2019) 412 ITR 203 (Guj.)(HC)
S. 132 : Search and seizure-Retention of seized assets-Cash adjusted against demand on block assessment—Jewellery and fixed deposit receipts to be returned. [S. 153A]