PCIT empowered to inspect seized assets during proceeding u/s. 263

Miraj Digvijay Shah Vs ACIT (Calcutta High Court) Calcutta High Court held that in a proceeding under Section 263 of the Income Tax Act of 1961, the PCIT is empowered to make such inquiry as he deems necessary and inspection of seized assets may very well form part of such inquiry. Accordingly, notice of inspection is duly sustainable and hence writ petition stands dismissed. Facts- A search operation under Section 132 of the said Act of 1961 was conducted at the residence and office of the petitioner as well as at the bank lockers of the petitioner and the petitioner’s family members. In c...