Document Fragment View
Matching Fragments
(Per : HONOURABLE MR.JUSTICE AKIL KURESHI) Petitioner assessee has prayed for quashing order Annexure A and has further prayed for a direction to release the seized diamonds of the petitioner forthwith.
During search operation carried out with respect to a mini-bus, diamonds weighing 485.26 carats valued at Rs.67,93,640/- were seized. Department had previously taxed the said amount in the hand of the Angadia operating the said mini bus substantially and on protective basis in the hands of the petitioner. Subsequently, however, additions in case of the Angadia was deleted. Addition made in the case of the present petitioner was, therefore, treated as substantive.
The petitioner had earlier approached this Court by filing Special Civil Application No.29241 of 2006 and sought release of diamonds. The said petition was, however, disposed of by order dated 2.7.2007 providing that before releasing the diamonds, question has to be decided as to who is the owner. It was, therefore, provided that the Revenue shall not dispose of the diamonds till the decision at the level of the Tribunal to assess the income of investment in the diamonds in the hands of Patel Ambalal Hargovandas & Company (Angadia)is arrived at.