- (1.) PARTICIPATED . The survey was converted into search and seizure operation under s. 132 of the IT Act, 1961 (hereinafter referred to as the 'Act') and certain jewellery and other precious items were seized from the petitioner's residential and business premises. The search and seizure operation has been challenged by the petitioner by means of the present writ petition.
(2.) IN the meantime, proceedings for block assessment under s. 158BC of the Act were initiated. The AO completed the (A) had confirmed the addition of Rs. 91,800 on account of excess silver found. However, he granted relief aggregating Rs. 67,16,498. Both the Revenue and the petitioner carried the matter further in appeal before the Tribunal. The including the cross objections.
(3.) THE argument of the petitioner is that the relief of Rs. 67,16,498 allowed to the petitioner by the CIT(A) stands confirmed by the Tribunal. An application has been filed by the petitioner seeking release of the seized articles on the ground that its further retention is without authority of law.;