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of <h1>Wealth-tax Act Section 37C Allows Recovery from Retained Assets When Taxpayers Default on Liabilities</h1> Section 37C of the Wealth-tax Act outlines procedures for handling assets retained under section 37A(5A). These assets may be used to recover existing liabilities and tax assessments where the assessee is in default. If assets include money, the Assessing Officer may apply it toward liabilities. Non-monetary assets may be deemed under distraint and sold to recover outstanding amounts. Recovery through other legal means remains available. Any remaining assets or proceeds must be returned to the persons from whom they were seized. The government must pay 15% annual interest on retained amounts exceeding required liabilities, calculated from six months after the retention order until assessment completion.
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