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of <h1>Assessing Officer Must Issue Notice Within 15 Days of Seizing Assets Under Rule 112A of Income-tax Rules.</h1> Under Rule 112A of the Income-tax Rules, 1962, when assets such as money, bullion, or jewelry are seized, the Assessing Officer must issue a notice within fifteen days to the concerned individual. This notice requires the individual to either attend a meeting or provide evidence explaining the possession and acquisition of the assets. The Assessing Officer may request additional documents or evidence as needed and has the authority to examine other individuals under oath. Before using any gathered material against the individual, the Assessing Officer must provide a reasonable notice to allow them to contest its use.
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