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of <h1>Seized or requisitioned assets may be used to recover tax liabilities; 30/120-day release rules, sale, surplus return</h1> Assets seized or requisitioned may be used to recover specified tax liabilities including existing defaults, liabilities determined on assessment/reassessment or for block periods, and liabilities arising from settlement applications. The tax officer may release seized assets on application within 30 days of the seizure month if the taxpayer explains the asset's source, outstanding liabilities are recovered from the assets, and prior senior approval is obtained; release must occur within 120 days of the last search/requisition authorization. Money seized may be applied first to liabilities; non-monetary assets may be sold or treated as distraint for recovery. Other recovery methods remain available. Any surplus must be returned, and the government pays simple interest at 0.5% per month on a prescribed shortfall formula for the stated period.
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