The jewellery belonging to the assessee was seized during a search and kept in a nationalised bank. After the assessee’s death, her legal heir sought its release. Although the Assessing Officer passed an order under section 132B directing the release of the jewellery, it could not be traced, and the Income-tax Department and the bank blamed each other. The High Court held that the Department was merely a trustee of the seized valuables and that the bank could not disclaim responsibility. As the legal heir’s entitlement was undisputed, the Court directed the CBDT or the Chairperson and Managing Director of the bank to investigate the matter and take immediate steps to secure the jewellery for the legal heir.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 132B : Application of seized or requisitioned assets-Release of seized jewellery-Strictures-Department and bank disputing responsibility for missing jewellery-Both authorities directed to investigate and take immediate action.[S. 119, 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_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-64793","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gR3","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64793","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=64793"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64793\/revisions"}],"predecessor-version":[{"id":64794,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64793\/revisions\/64794"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}