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| 60 | Voice of CAE. Instruction No: 1180 Date of Issue: 1/6/1978Reference to the valuation cell in search & seizure cases. Some of the searchand seizure operations have revealed considerable understatement ofthe value of immovable properties that the full investment in immovableproperties, plant and machinery have not been disclosed by the assessees.Commissioners should get immovable properties etc. valued inappropriate cases wherever there is a reasonable ground for suspectingsubstantial under valuation / understatement of investment in accordancewith the guidelines contained in Instruction No.365.F. Instruction No.1497 Dt.13 Th January, 1983, Search and Seizure-Openingof LockersTo ensure that the information about lockers is available early, theauthorized officers should soon after entering the premises, record theparties’ statement and get him/her committed about the number oflockers, contents thereof and source of acquisition. The lockers wouldbe opened as early as possible, but in any case within a week. It hasbeen decided that where the lockers sealed cannot be opened within theperiod of 7 days, the reasons for the delay should be intimated to theDirector General (Investigation). The information about the lockers whichremained sealed for more than a week as on 30 th Nov.,1982 should be sentto the Director General (Investigation)/Board so as to reach not later than31 st Janl,1983. The report for subsequent months should reach the DirectorGeneral (Investigation) by the 15 th of the following months.G. Circular No. 1590, dated 21-12-1984 F.No. 287 / 25 / 83-IT (Inv. II),states treatment of unaccounted stocks restrained / seized in benami/ fictitious names.There may be cases where assets in the form of unaccounted stocks havebeen restrained / seized by the Department apparently held in the benaminames. In some cases, the bank accounts might have also been discoveredwhich were operated in the names of fictitious persons. It has been decidedthat the following course of action should be adopted in all such cases:-i. The Income-tax Officer having territorial jurisdiction at the addressdeclared should issue a notice under section 139(2) in the name of aperson who is declared as an owner of the said assets.