- (1.) The main question involved at this stage of the case is, if a search under Section 132 of the Income Tax Act, 1961 (the IT Act) is challenged on the ground that information leading to reasons to believe for authorising search was irrelevant then how should this question be resolved? Should the Court, Look into the records and decide it alone; or Disclose the information to the aggrieved person and then adjudicate upon it, after hearing the parties? The Facts
(2.) M/s MD Overseas Limited (the Petitioner) was incorporated as a private company under the Companies Act, 1956 (the Companies Act) on 5.12.1980. It was converted into public limited company on 16.5.1997.
(3.) The Petitioner carries on business of precious metals namely gold, silver, and platinum. It imports these metals and also purchases them in the domestic market. The metals are then processed and sold abroad as well as in the domestic market.;