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of <h1>Timely Release of Seized Cash Under Section 132B: New Directive to Prevent Delays and Ensure Compliance</h1> Instruction No. 11/2006, dated December 1, 2006, addresses the release of cash deposited in the PD Account under Section 132B of the Income Tax Act. It highlights issues where cash was not released post-assessment due to pending appeals or penalty proceedings. The directive mandates timely release of seized cash after adjusting existing liabilities and anticipated penalties. It specifies procedures for releasing funds within one month of assessment orders or appellate decisions. Violations will be scrutinized, and authorities must ensure compliance, avoiding retention of funds solely due to ongoing appeals. The instruction aims to alleviate undue hardship caused by delayed cash releases.
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