Assessee-company was engaged in trading, manufacturing, and importing and exporting gold, silver, platinum and other precious metals. It did not have its own branch\/office\/shop in Bhubaneswar, but it transacted with various customers in said region by sending its products to Bhubaneswar via a secured courier. On 12-5-2024, officials of IT Department intercepted balance gold jewellery of certain weight which was to be shipped back to Mumbai through a courier company via air-transit at Bhubaneswar Airport and took the same in their custody. Thereafter, on 1-6-2024, a Panchanama was drawn wherein it was inter alia stated that said gold jewellery inventory was seized-It was found that though custody of gold jewellery was taken on 12-5-2024, Panchanama suggested that search\/seizure commenced only on 1-6-2024. It was also found that valuation of said gold was done by the IT Department on 17-5-2024. On writ, the Court held that since gold jewellery was in the custody of IT Department long before Panchanama was prepared, and it was shown that said jewellery was stock-in-trade of assessee, entire action taken by the IT Department was contrary to law and, thus, Panchanama and consequential order dated 14-3-2025 were quashed and said seized gold jewellery was directed to be released to the assessee.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 132: Search and seizure-Panchanama-Stock in trade-Gold jewellery was in custody of IT Department long before Panchanama was prepared and it was shown that said jewellery was stock-in-trade of assessee-Action taken by IT Department was contrary to law-Panchanama and consequential order dated 14-3-2025 were quashed and said seized gold jewellery was to be released to the assessee. [S. 131(IA), 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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64127","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gGj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64127","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=64127"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64127\/revisions"}],"predecessor-version":[{"id":64128,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64127\/revisions\/64128"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}