Jewellery Recovered from Company’s Bank Locker Cannot Be Assumed as Belonging to Any Director, IT Department Criticized for Seizure: Punjab & Haryana High Court

In a recent ruling, the Punjab & Haryana High Court addressed a case involving M/s Dillano Luxurious Jewels Limited, a company that sought the release of jewellery seized from its bank locker during a search operation conducted by the Income Tax (IT) authorities. The company had filed a petition stating that the seizure was unjustified and violated provisions of the Income Tax Act, particularly Section 132. The court ruled in…