JUDGMENT :

Goutam Bhaduri. J.

Heard.

1. (i) The present appeal is against the judgment dated 29.02.2024 passed by the learned Single Bench, wherein the writ petition challenging the seizure of jewellery which was said to be stock-in-trade by the petitioner was refused to be handed over from seizure. The premises of the case would emerge from the facts that on 19.10.2023, a search and seizure action under Section 132 of the Income Tax Act, 1961 was conducted at the residence-cum-business premises of appellant M/s Paras Jewelers at Jagdalpur. On the same date, the preliminary statement of Paras Chand Jain was recorded under Section 131 (1A) of the Act of 1961.

(ii) Subsequent to it, the Government Approved Valuer prepared a valuation report for the gold ornaments and silver ornaments found in the residence of Shri Inder Chand Jain. On 20.10.2023 and 21.10.2023, statement of Paras Chand Jain was recorded under Section 132 (4) of Act of 1961, subsequent thereto Government Approved Valuer prepared a valuation report of the gold ornaments and the silver ornaments found in the showroom of the appellant firm. The application was submitted by the petitioner submitting that on 22.10.2023, the se