Recovery from seized assets: Assessing Officer may apply seized or requisitioned property to discharge tax liabilities under the Code. Assessing Officers may recover aggregate tax liabilities from assets seized or requisitioned; aggregate liability includes existing liabilities at search, liabilities determined thereafter up to assessment completion, liabilities on completion, and liabilities determined after completion until asset release. Non-cash assets are deemed under distraint and recovered per the Fifth Schedule; cash may be applied directly to liabilities. Officers may release non-cash assets pre-assessment if a deposit equal to value is made and approved by the Commissioner, and remaining assets or proceeds must be released after liabilities are discharged under prescribed conditions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Recovery from seized assets: Assessing Officer may apply seized or requisitioned property to discharge tax liabilities under the Code.
Assessing Officers may recover aggregate tax liabilities from assets seized or requisitioned; aggregate liability includes existing liabilities at search, liabilities determined thereafter up to assessment completion, liabilities on completion, and liabilities determined after completion until asset release. Non-cash assets are deemed under distraint and recovered per the Fifth Schedule; cash may be applied directly to liabilities. Officers may release non-cash assets pre-assessment if a deposit equal to value is made and approved by the Commissioner, and remaining assets or proceeds must be released after liabilities are discharged under prescribed conditions.
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