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Application of seized assets: seized or requisitioned assets may be applied to outstanding tax liabilities, with surplus returned. Section 250 permits recovery from assets seized or requisitioned to meet existing tax liabilities in default, liabilities determined on completion of assessment or for block periods, and liabilities from settlement applications; the Assessing Officer may apply money or other assets toward those liabilities, release assets on prescribed conditions with senior approval and within one hundred and twenty days, treat non monetary assets as distraint for prescribed recovery, return any surplus to the custodian, and the Central Government pays simple interest on the net amount under a specified formula for the period from the day after the 120 day release deadline to completion of assessment.
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.
<h1>Application of seized assets: seized or requisitioned assets may be applied to outstanding tax liabilities, with surplus returned.</h1> Section 250 permits recovery from assets seized or requisitioned to meet existing tax liabilities in default, liabilities determined on completion of assessment or for block periods, and liabilities from settlement applications; the Assessing Officer may apply money or other assets toward those liabilities, release assets on prescribed conditions with senior approval and within one hundred and twenty days, treat non monetary assets as distraint for prescribed recovery, return any surplus to the custodian, and the Central Government pays simple interest on the net amount under a specified formula for the period from the day after the 120 day release deadline to completion of assessment.
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