Dept. can’t keep seized jewellery for years when assessee duly produce all relevant records to prove its source: HC

INCOME TAX : Where concerned person had shown documents to explain goods which he was carrying when he was searched and also gave a statement that articles were belonging to two firms and were part of their stock-in-trade, before seizure of said goods, explanation ought to be taken from concerned firms and if they were able to produce related books of account and necessary proof of articles, Income-tax authorities could not be allowed to seize goodsINCOME TAX : Where concerned person had shown documents to explain goods which he was carrying when he was searched and also gave a statement that articles were belonging to two firms and were part of their stock-in-trade, before seizure of said goods, explanation ought to be taken from concerned firms and if they were able to produce related books of account and necessary proof of articles, Income-tax authorities could not be allowed to seize goodswww.taxmann.com Latest Case LawsRead More

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