Bombay High Court
Echjay Industries Pvt. Ltd. And 7 Ors vs Rajendra And 2 Ors on 22 July, 2019
Bench: Akil Kureshi, S.J. Kathawalla
Sherla V.
nmw.481.2016_1.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
O.O.C.J.
NOTICE OF MOTION NO.481 OF 2016
IN
WRIT PETITION NO.122 OF 2009
Echjay industries Private Ltd. & Ors. ... Applicants
IN THE MATTER OF:
Echjay industries Private Ltd. & Ors. ... Petitioners
Vs
Director of Income Tax (Investigation) - II & Ors. ... Respondents
Mr.Percy Pardiwalla with Vishesh Malviya, Bhavin Shah i/b
Rashmikant & Partners for Applicants/Petitioners
Mr.P.C. Chhotaray for Respondents
CORAM: AKIL KURESHI &
S.J. KATHAWALLA, JJ.
DATED: JULY 22, 2019 P.C.:
1. This Motion is taken out by the petitioners. The request made is for releasing the seized assets in the nature of jewellery.
After some discussion across the bar, the learned Counsel for the petitioners stated, on instructions, that the petitioners would even be willing to provide bank guarantee of a matching sum of the current value of the seized assets (jewellery) on which condition the jewellery may be released.
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nmw.481.2016_1.doc
2. At the first instance, keeping all objections of the respondents to this prayer, we would require the current valuation of the assets in question to be brought on record. For such purpose, we request the Principal Commissioner of Income Tax, Central - 4 to appoint a Departmental Valuer for such purpose, which may done in consultation with the petitioners. Such valuer may present the current valuation of the assets in question before the next date of hearing.
3. S.O. to 13.8.2019. It is clarified that the petitioners shall bear the cost of obtaining such valuation report.
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