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of <h1>CBDT Accepts Court Ruling: Section 132B Amendment on Seized Assets is Prospective, Affects Cases Post-June 1, 2013.</h1> The circular addresses the applicability of Explanation 2 to Section 132B of the Income Tax Act, 1961, concerning the adjustment of seized or requisitioned assets against tax liabilities. A dispute arose over whether seized funds could offset advance tax liabilities. Courts ruled that the amendment, introduced by the Finance Act, 2013, is prospective, not affecting cases before June 1, 2013. The Central Board of Direct Taxes (CBDT) has accepted these rulings, advising that appeals on this issue for pre-2013 cases should not be filed or pursued. This decision should be communicated to all relevant parties.
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