Seizure and retention of valuable assets expanded, enabling summary estimation of undisclosed wealth and supervised retention. Section 37A expands seizable items to include money, bullion, jewellery and other valuable articles, substitutes Assistant Commissioner or Income-tax Officer as authorised officers, and authorises service of prohibitory orders where physical seizure is impracticable. It creates a summary procedure under which the Assessing Officer, after hearing and prescribed inquiry and with supervisory approval, must within the statutory period estimate undisclosed net wealth, calculate tax, interest and penalty, retain sufficient seized assets to satisfy liabilities and release the remainder, subject to release on payment or arrangements and to objection and review by senior authorities.
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Seizure and retention of valuable assets expanded, enabling summary estimation of undisclosed wealth and supervised retention.
Section 37A expands seizable items to include money, bullion, jewellery and other valuable articles, substitutes Assistant Commissioner or Income-tax Officer as authorised officers, and authorises service of prohibitory orders where physical seizure is impracticable. It creates a summary procedure under which the Assessing Officer, after hearing and prescribed inquiry and with supervisory approval, must within the statutory period estimate undisclosed net wealth, calculate tax, interest and penalty, retain sufficient seized assets to satisfy liabilities and release the remainder, subject to release on payment or arrangements and to objection and review by senior authorities.
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