Section 132 – Assessing Officer has no authority to seize stock-in-trade

HIGH COURT OF ORISSA Puspa Ranjan Sahoo versus Assistant Director of Income-tax (INV) W.P. (C) NO. 31361 OF 2011 JULY 3, 2012 JUDGMENT B.N. Mahapatra, J. This writ petition has been filed with a prayer to quash the warrant of authorization and follow up action including search and seizure of stock-in-trade and stock hypothecated and to declare the seizure of stock-in-trade and stock hypothecated as unconstitutional being without jurisdiction and contrary to 3rd proviso to Section 132(1) of Income Tax Act, 1961 (for short ‘the Ac’). The further prayer of the petitio...