On writ for release of seized assets, the Court held that the statutory provision of section\u00a0132B\u00a0of the Act is very clear. There appears to be a mandate and such mandate is mandatory and not directory. The courts should attach considerable importance to the time frame provided under sections\u00a0132A\u00a0and\u00a0132B\u00a0when it comes to a question of retention of books of account or of seized assets. It is not permissible for the court to read the time limit provided in the proviso to clause\u00a0(i)\u00a0of sub-section\u00a0(1)\u00a0of section\u00a0132B\u00a0of the Act as being merely directory.\u00a0 The Court directed the\u00a0 respondents to hand over the seized asset (diamonds) to the assessee within a period of four weeks from the date of receipt of the order.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 132B : Application of seized or requisitioned assets-Retention of seized assets-Retention of seized asset beyond time laid down-Not valid-Directed to hand over the seized asset (diamonds) to the assessee within a period of four weeks from the date of receipt of the order. [S. 132, 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-28496","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7pC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28496","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=28496"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28496\/revisions"}],"predecessor-version":[{"id":30573,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28496\/revisions\/30573"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}