JUDGMENT

Sanjeev Narula, J. (Oral) - The Petitioner-proprietor of M/s Shrimati Gems and Jewels has filed the present writ petition impugning the search and seizure action carried out under Section 132 of the Income Tax Act (hereinafter the Act'') including the order whereby his stock-in-trade (jewellery) was seized.

2. The facts in brief, as set out in the petition are that the Petitioner - is in the business of trading in jewellery since 2010. He travelled from Delhi to Guwahati to attend a jewellery exhibition which was held from 07.09.2018 to 09.09.2018. On his return, he was stopped by Respondent No. 2 at Indira Gandhi International Airport, New Delhi and a search was conducted on him. The jewellery found in his possession was valued by the Revenue through a Registered Government Valuer at Rs. 1,58,62,924/- and the same was seized and panchnama dated 11.09.2018 was drawn in this behalf. Subsequently, Assistant Director of Income Tax (INV)-2 issued summons to the Petitioner under Section 131(1 A) of the Act, dated 10.09.2018 and 11.09.2018, calling upon him to furnish details regarding the seized jewellery. Later, on 13.09.2018, another summon was issued calling upon him to give