The petitioner no 3 was travelling from\u00a0\u00a0 Mumbai to Jaipur\u00a0 he was carrying\u00a0 Jewellery and diamond\u00a0 . The Jewellery was sent to Jaipur as stock in trade in the course of business. The Income tax Authorities seized the Jewellery\u00a0\u00a0 . \u00a0The statement was recorded u\/s 132 (4) of the Act\u00a0 the petitioner stated that it was stock in trade, challans and approval memo was also submitted to the Authorities\u00a0 . In spite of\u00a0 producing various documents , the stock in trade was not released . The petitioners \u00a0filed writ before the High Court . High Court held that the seizure was illegal \u00a0and directed to release the stock in trade . High Court also directed revenue to pay interest of Rs 1 lakh to the petitioners. \u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
CA No. 6097\/ 2020 dt 7-8 2021<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 132 : Search and seizure \u2013 Seizure of stock in trade \u2013 Seizure was held to be illegal \u2013 Directed to release the stock in trade and also directed to pay interest of Rs 1 lakh to the petitioner [ S. 132 (4), 132B, Art , 226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-21586","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5Ca","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=21586"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21586\/revisions"}],"predecessor-version":[{"id":21587,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21586\/revisions\/21587"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=21586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=21586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=21586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}