{"id":220585,"date":"2008-01-25T00:00:00","date_gmt":"2008-01-24T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/prakash-gold-palace-p-ltd-and-vs-the-asst-commissioner-of-income-on-25-january-2008"},"modified":"2014-09-30T21:13:24","modified_gmt":"2014-09-30T15:43:24","slug":"prakash-gold-palace-p-ltd-and-vs-the-asst-commissioner-of-income-on-25-january-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/prakash-gold-palace-p-ltd-and-vs-the-asst-commissioner-of-income-on-25-january-2008","title":{"rendered":"Prakash Gold Palace (P) Ltd. And … vs The Asst. Commissioner Of Income … on 25 January, 2008"},"content":{"rendered":"
Kerala High Court<\/div>\n
Prakash Gold Palace (P) Ltd. And … vs The Asst. Commissioner Of Income … on 25 January, 2008<\/div>\n
       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nWA No. 168 of 2008()\n\n\n\n1. PRAKASH GOLD PALACE (P) LTD. AND ANOTHER\n                      ...  Petitioner\n\n                        Vs\n\n1. THE ASST. COMMISSIONER OF INCOME TAX,\n                       ...       Respondent\n\n                For Petitioner  :SRI.S.ARUN RAJ\n\n                For Respondent  : No Appearance\n\nThe Hon'ble the Chief Justice MR.H.L.DATTU\nThe Hon'ble MR. Justice K.M.JOSEPH\n\n Dated :25\/01\/2008\n\n O R D E R\n                        H.L. DATTU, C.J. & K. M. JOSEPH, J.\n                         --------------------------------------------------\n                                 W. A. NO. 168 OF 2008\n                         ---------------------------------------------------\n                          Dated this the 25th January, 2008\n\n                                          JUDGMENT\n<\/pre>\n
H.L. DATTU, C.J:\n<\/p>\n<\/p>\n
        This Appeal is directed against the orders passed by the learned Single<\/p>\n
Judge in W.P.(C). No.24585\/07 dated 22.8.2007.                    By the impugned Order, the<\/p>\n
learned Judge has modified Ext.P9 order passed by the Assistant Commissioner of<\/p>\n
Income Tax, Central Circle-I, Ernakulam dated 12.7.2007.<\/p>\n
        2. In this Order of ours, we will be referring the parties as arrayed in the Writ<\/p>\n
Petition.\n<\/p>\n
        3. First petitioner is a manufacturer of gold ornaments. First petitioner claims<\/p>\n
that the second petitioner is its employee. It is the claim of first petitioner Company<\/p>\n
that it effects large scale sale of gold ornaments to various reputed gold merchants<\/p>\n
and traders. It is further stated that it is an assessee under the provisions of the<\/p>\n
Kerala Value Added Tax Act and Central Sales Tax Act. It is its further case that the<\/p>\n
gold ornaments are principally manufactured in West Bengal and from their stock, it<\/p>\n
was transferred to Chennai, and its further case is that the gold ornaments required<\/p>\n
in Kerala are usually stock transferred from Chennai to Cochin.<\/p>\n
        4. Case of first petitioner is that the goods sent from Chennai to Kerala<\/p>\n
through the second petitioner was seized by the Officials of the Income Tax<\/p>\n
Department.\n<\/p>\n
        5. Second petitioner had filed a petition on 23.1.2007, inter alia, requesting<\/p>\n
the respondents to release the gold ornaments seized on 24.7.2006.<\/p>\n
        6.    The Assistant Commissioner of Income Tax, while entertaining the<\/p>\n
petition, has directed the second petitioner to furnish sufficient Bank Guarantee of<\/p>\n
equivalent amount, to release the seized gold ornaments (Ext.P9 order).<\/p>\n
W.A.NO.168\/08                              2<\/span><\/p>\n
       7. Aggrieved by the said order passed by the Assistant Commissioner of<\/p>\n
Income Tax, both the petitioners were before this Court in W.P.(C). No.24585\/07.<\/p>\n
The learned Single Judge by order dated 22.8.2007, has modified the order passed<\/p>\n
by the Assistant Commissioner of Income Tax and further, has directed the<\/p>\n
respondents in the Writ Petition to release the entire gold seized, to the petitioners<\/p>\n
on the petitioners furnishing Bank Guarantee for 70 per cent of the value of the<\/p>\n
goods and on both the petitioners jointly executing a simple bond without surety for<\/p>\n
the balance 30 per cent in favour of the first respondent. The Order passed by the<\/p>\n
learned Single Judge is as under:\n<\/p>\n
                    “Since maximum rate of tax payable is 30% and even<\/p>\n
            if the entire value of goods is treated as escaped income,<\/p>\n
            the maximum tax and equal amount towards penalty will<\/p>\n
            account for 70% of it’s value and since first petitioner is an<\/p>\n
            assessee, W.P. is disposed of modifying Ext.P9 directing the<\/p>\n
            first respondent to release the entire goods to the petitioners<\/p>\n
            on petitioners together or first petitioner executing Bank<\/p>\n
            Guarantee for 70% of the value of the goods and on both<\/p>\n
            petitioners jointly executing a simple bond without surety for<\/p>\n
            the balance 30% in favour of the first respondent.”<\/p><\/blockquote>\n
       8.   Aggrieved by the orders       passed by the learned Single Judge, the<\/p>\n
petitioners are before us in this Writ Appeal.\n<\/p>\n
       9. Shri T.N. Seetharaman, learned counsel appearing for the appellants,<\/p>\n
after arguing the matter for quite some time, may be knowing the mind of the court,<\/p>\n
would submit that the first petitioner shall deposit a sum of Rs.24 lakhs for the<\/p>\n
present and that amount may be adjusted towards the tax liability that may be<\/p>\n
determined by the respondents either against the first or second petitioner and on<\/p>\n
such payment, this Court may direct the first respondent to release the entire gold<\/p>\n
seized on 24.7.2006.\n<\/p>\n
W.A.NO.168\/08                                3<\/span><\/p>\n
        10. In view of the aforesaid submission made by learned counsel for the<\/p>\n
appellant, we had requested Shri George K. George, learned counsel appearing for<\/p>\n
the Income Tax Department to obtain appropriate instructions from the Officials of<\/p>\n
the Income Tax Department.\n<\/p>\n
        11. Shri George K. George after obtaining instructions would inform us that<\/p>\n
the Department is prepared to accept a sum of Rs.24 Lakhs (Rupees Twentyfour<\/p>\n
Lakhs) that may be paid by the first petitioner for and on behalf of the second<\/p>\n
petitioner, for release of the gold ornaments and the amount so deposited would be<\/p>\n
adjusted towards any tax liability that may be fastened by the first respondent either<\/p>\n
against the first petitioner or the second petitioner. He would further submit that<\/p>\n
liberty may be reserved to the respondents to recover the balance amount that may<\/p>\n
be found due after the proceedings are completed by the first respondent, either<\/p>\n
from the first petitioner or from the second petitioner. In view of the submissions so<\/p>\n
made by both the learned counsels, it may not be necessary for us at this stage to<\/p>\n
go into the correctness or otherwise of Ext.P9 order passed by the Officers of the<\/p>\n
Department or the Orders passed by the learned Single Judge. Accordingly, we<\/p>\n
pass the following:\n<\/p>\n
                                       Order<\/p>\n
        (1) The Writ Appeal is disposed of.<\/p><\/blockquote>\n
        (2) The first petitioner\/first appellant shall deposit a sum of Rs.24 Lakhs<\/p>\n
(Rupees Twentyfour Lakhs) with the first respondent within fifteen days from today. If<\/p>\n
such deposit is made, the first respondent is directed to release the gold ornaments<\/p>\n
seized on 24.7.2006 either in favour of the first petitioner or in favour of the second<\/p>\n
petitioner.\n<\/p>\n
        (3) Liberty is reserved to the Income Tax Department to recover any amount<\/p>\n
that may be found due after completing the assessment proceedings either against<\/p>\n
the first petitioner or the second petitioner.\n<\/p>\n
W.A.NO.168\/08                               4<\/span><\/p>\n
        (4) First respondent is directed to complete the assessment proceedings<\/p>\n
initiated against the first or the second petitioner as expeditiously as possible and, at<\/p>\n
any rate, within six weeks from today.\n<\/p>\n
        With these observations and directions, the Writ Appeal is disposed of.<\/p>\n
        Ordered accordingly.\n<\/p>\n<\/p>\n
                                                                H.L. DATTU,
\n                                                             CHIEF JUSTICE<\/p>\n
                                                                K.M. JOSEPH,
\n                                                                     JUDGE<\/p>\n
kbk\/DK.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kerala High Court Prakash Gold Palace (P) Ltd. And … vs The Asst. Commissioner Of Income … on 25 January, 2008 IN THE HIGH COURT OF KERALA AT ERNAKULAM WA No. 168 of 2008() 1. PRAKASH GOLD PALACE (P) LTD. AND ANOTHER … Petitioner Vs 1. THE ASST. COMMISSIONER OF INCOME TAX, … Respondent For […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,21],"tags":[],"class_list":["post-220585","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"\nPrakash Gold Palace (P) Ltd. And ... vs The Asst. 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