- (1.) A special survey was conducted on 15th Jan., 2001 against 16 jewellers, who participated in 'Swarn Sanbandh' exhibition at Hotel Taj Residency, Lucknow during 13th Jan., 2001 to 15th Jan., 2001 in which the petitioner had also participated. The survey was converted into search and seizure operation under Section 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 Section 158BC of the Act were initiated. The AO completed the assessment vide order dt. 30th Jan., 2003 and determined the undisclosed income at Rs. 68.14 lakhs. In appeal the CIT(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 Tribunal vide order dt. 30th April, 2007 had dismissed the appeals preferred by the Revenue as also the petitioner including the cross objections. 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.
(3.) 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.;