Release of seized cash: instruction mandates prompt adjustment and release after assessment, retaining only expected penalty amounts. Seized cash in the PD Account must be applied first to existing liabilities and liabilities determined on search-and-seizure assessment under Section 132B, with any balance released and interest payable. Assessing officers must release cash promptly where its nature is satisfactorily explained, or within one month of assessment after adjusting for demands and retaining only amounts sufficient for expected penalties; balances must be reviewed and adjusted on appellate orders and past PD holdings examined for retrospective release.
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Provisions expressly mentioned in the judgment/order text.
Release of seized cash: instruction mandates prompt adjustment and release after assessment, retaining only expected penalty amounts.
Seized cash in the PD Account must be applied first to existing liabilities and liabilities determined on search-and-seizure assessment under Section 132B, with any balance released and interest payable. Assessing officers must release cash promptly where its nature is satisfactorily explained, or within one month of assessment after adjusting for demands and retaining only amounts sufficient for expected penalties; balances must be reviewed and adjusted on appellate orders and past PD holdings examined for retrospective release.
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