Ams Jewellers vs Commissioner Of Income Tax And ...
2004 Latest Caselaw 98 Del

JUDGMENT

1. By this petition, the petitioner, inter alia, has prayed as under:

"(a) to direct the respondents to release entire jewellery worth Rs. 52,10,120 in terms of proviso to Section 132(1)(iii) of the Act, or in any case, to release jewellery worth Rs. 39,53,726 which is being retained illegally without any justification over and above the total liability created under the block assessment."

2. It is an admitted position that Settlement Commission under the IT Act, 1961, is seized of the matter and an application is also submitted to the Settlement Commission for return of the jewellery. The petitioner's grievance is that the Settlement Commission is not deciding the matter, and looking to the value of the jewellery and the amount which is lying with Department, nothing is required to be recovered so far as the jewellery aspect is concerned,

3, Our attention was drawn by the learned counsel to Section 245F with regard to powers and procedure of Settlement Commission and also to the proviso to 132(1)(iii). We are not entering into the merits of the case but looking to the aforesaid provisions, we direct the Settlement Commission to decide the application submitted by the present petitioner for return of the jewellery within a period of three weeks.

With these directions, the writ petition is disposed of.