Section 202 of crpc

A magistrate is authorized to take cognizance of an offense and postpone the issue of process against the accused. The magistrate can then either conduct an inquiry or direct an investigation to be made by a police officer .

Can a magistrate release articles at  pre cognizance stage if yes then under what provision 

No, a judicial magistrate cannot release seized items before taking cognizance

 The court exercises an overall control on the actions of the police officers in every case where it has taken cognizance. For this purpose, if material on record indicates that such articles belong to the complainant at whose house theft, robbery or dacoity has taken place, then seized articles should be handed over to the complainant after : (i)  (ii)  (iii)   (i) (ii)  (iii)  2.  Preparing detailed proper panchnama of such articles,  Taking photographs of such articles and a bond that such articles  would be produced if required at the time of trial, and  After taking proper security.

 As the seizure of property by the police amounts to a clear entrustment of the property to government servant, the idea is that the property should be restored to the original owner after the necessity to return it ceases. It is manifest that there may be two stages when the property may be returned to the owner. In the first place, it may be returned during any inquiry or trial. This may particularly be necessary where the property concerned is subject to speedy or natural decay. There may be other compelling reasons also which may justify the delivery of the property to the owner or otherwise in the interest of justice.