AMS JEWELLERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this petition, the petitioner, inter alia, has prayed as under :

(2.) IT is an admitted position that Settlement Commission under the IT Act, 1961, is seized of the matter and an application is also submitted to the Settlement Commission for return of the jewellery. The petitioner's grievance is that the Settlement Commission is not deciding the matter, and looking to the value of the jewellery and the amount which is lying with Department, nothing is required to be recovered so far as the jewellery aspect is concerned.