Roxy Industrial Corporation, Ludhiana v. Commissioner Of Income Tax (Central) Ludhiana And Others

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. C.W.P. No. 10258 of 2007 DATE OF DECISION : 30.07.2008 Roxy Industrial Corporation, Ludhiana .... PETITIONER Versus Commissioner of Income Tax (Central) Ludhiana and others ..... RESPONDENTS CORAM :- HON'BLE MR. JUSTICE SATISH KUMAR MITTALHON'BLE MR. JUSTICE AUGUSTINE GEORGE MASIH Present:Mr. Pankaj Jain, Advocate,for the petitioner. Mr. K.K. Mehta, Advocate,for the respondents. * * * SATISH KUMAR MITTAL , J. ( Oral ) In this writ petition, the prayer of the petitioner is to issuedirection to the respondents to release the jewellery and silver articles,which were seized in consequence of the action under Section 132 of theIncome Tax Act on 7.8.1992. Counsel for the respondents, while referring to the letter dated21.2.2006, draws our attention to the fact that the Department was and isready to release the jewellery and silver articles, provided the petitionerfurnished a bank guarantee of an equal amount of the jewellery and silver articles. Counsel for the respondents states that if the petitioner furnishesthe bank guarantee with regard to the value of the jewellery and silverarticles within one month, the same will be released immediately. In view of the aforesaid statement of counsel for therespondents, counsel for the petitioner, after having instructions from thepetitioner, states that the petitioner will furnish bank guarantee of the valueof the seized jewellery and silver articles. Consequently, it is ordered that if the petitioner furnishes thebank guarantee of the value of the jewellery and silver articles, which wereseized by the department, the respondents shall release the sameimmediately. Disposed of accordingly. ( SATISH KUMAR MITTAL )JUDGE July 30, 2008 ndj ( AUGUSTINE GEORGE MASIH )JUDGE