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release of seized material

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Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2009 on what grounds can the release of jewellary siezed during search be rejected after the CIT (A) has accepted assesse's appeal but if the dept has gone into appeal in the ITAT?penalty proceedings were initiated at the time of assessment.

Rajeev

Rajeev (Expert)
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13 December 2009 I dont think the scope of powers during search is so huge that it gives any authority the power to seize any valuable during search , although the scope of powers are huge but no power has been granted for seizure of cash , stock or any other valuable article during search . (Shyam Jewelletrs v/s CC 1990 196 ITR 243(All)

I am surprised how did the authority seize jewellery during search ???Kindly reply back with proper facts for better understanding

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