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of <h1>Guidelines for Appropriating Seized Gold Against Tax Arrears u/s 132 of Income Tax Act.</h1> The circular discusses the appropriation of gold seized during tax search operations under Section 132 of the Income Tax Act towards tax arrears. It highlights the legal complexities involving the Gold Control Act, which exempts government-held gold from its provisions. The challenges in selling seized gold, such as potential violations of the Gold Control Act and the lack of provisions for direct payment or book transfer when gold is sent to the Mint. It suggests evolving a procedure to adjust the market value of gold against tax arrears, while ensuring compliance with existing laws and seeking further legal guidance.
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