The controversial ‘Search & Seizure’ clause which had been opposed by the jewellery industry has been dropped from the revised Direct Tax Code (DTC) following a vigorous campaign for its exclusion spearheaded by the All India Gems & Jewellery Trade Federation and other organisations. %% Section 139(2)(f) of old DTC, 2009 provided the clause: “The Authorized officer shall have all the powers to …seize any stock in trade of bullion, precious or semi-precious stones or jewellery, found as a result of such search. %% The GJF had asserted that the seizure of such stock-in-trade of jewellery, bullion and precious stones, would lead to a cessation of manufacturing operations and subsequent loss of sales, and had dubbed this clause as discriminatory as it was only being implemented against a single industry. %% Under New DTC Bill, 2010, clause 135(2) deals with powers of Authorized officer during search and seizure proceedings. The provision relating to seizure of stock-in-trade of jewellery, bullion and precious stones has been removed from Clause 135(2). %% The new DTC is expected to come into force from April 1, 2012.

The controversial ‘Search & Seizure’ clause which had been opposed by the jewellery industry has been dropped from the revised Direct Tax Code (DTC) following a vigorous campaign for its exclusion spearheaded by the All India Gems & Jewellery Trade Federation and other organisations. %% Section 139(2)(f) of old DTC, 2009 provided the clause: “The Authorized officer shall have all the powers to …seize any stock in trade of bullion, precious or semi-precious stones or jewellery, found as a result of such search. %% The GJF had asserted that the seizure of such stock-in-trade of jewellery, bullion and precious stones, would lead to a cessation of manufacturing operations and subsequent loss of sales, and had dubbed this clause as discriminatory as it was only being implemented against a single industry. %% Under New DTC Bill, 2010, clause 135(2) deals with powers of Authorized officer during search and seizure proceedings. The provision relating to seizure of stock-in-trade of jewellery, bullion and precious stones has been removed from Clause 135(2). %% The new DTC is expected to come into force from April 1, 2012.

The controversial ‘Search & Seizure’ clause which had been opposed by the jewellery industry has been dropped from the revised Direct Tax Code (DTC) following a vigorous campaign for its exclusion spearheaded by the All India Gems & Jewellery Trade Federation and other organisations. %% Section 139(2)(f) of old DTC, 2009 provided the clause: “The Authorized officer shall have all the powers to …seize any stock in trade of bullion, precious or semi-precious stones or jewellery, found as a result of such search. %% The GJF had asserted that the seizure of such stock-in-trade of jewellery, bullion and precious stones, would lead to a cessation of manufacturing operations and subsequent loss of sales, and had dubbed this clause as discriminatory as it was only being implemented against a single industry. %% Under New DTC Bill, 2010, clause 135(2) deals with powers of Authorized officer during search and seizure proceedings. The provision relating to seizure of stock-in-trade of jewellery, bullion and precious stones has been removed from Clause 135(2). %% The new DTC is expected to come into force from April 1, 2012.

The controversial ‘Search & Seizure’ clause which had been opposed by the jewellery industry has been dropped from the revised Direct Tax Code (DTC) following a vigorous campaign for its exclusion spearheaded by the All India Gems & Jewellery Trade Federation and other organisations. %% Section 139(2)(f) of old DTC, 2009 provided the clause: “The Authorized officer shall have all the powers to …seize any stock in trade of bullion, precious or semi-precious stones or jewellery, found as a result of such search. %% The GJF had asserted that the seizure of such stock-in-trade of jewellery, bullion and precious stones, would lead to a cessation of manufacturing operations and subsequent loss of sales, and had dubbed this clause as discriminatory as it was only being implemented against a single industry. %% Under New DTC Bill, 2010, clause 135(2) deals with powers of Authorized officer during search and seizure proceedings. The provision relating to seizure of stock-in-trade of jewellery, bullion and precious stones has been removed from Clause 135(2). %% The new DTC is expected to come into force from April 1, 2012.