Release of seized assets permitted where declared in books or secured by unconditional bank guarantee, subject to assessment and prosecution. Seized assets shown in regular books may be released subject to recovery of arrears. Jewellery and perishable stocks can be released if an unconditional irrevocable bank guarantee for the full value, as valued by the Income-tax Department, is furnished; the guarantee must remain valid until completion of assessment proceedings and tax collection and may be enforced by the Department at any time. Assets with specific evidentiary value shall not be released until prosecution proceedings conclude.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Release of seized assets permitted where declared in books or secured by unconditional bank guarantee, subject to assessment and prosecution.
Seized assets shown in regular books may be released subject to recovery of arrears. Jewellery and perishable stocks can be released if an unconditional irrevocable bank guarantee for the full value, as valued by the Income-tax Department, is furnished; the guarantee must remain valid until completion of assessment proceedings and tax collection and may be enforced by the Department at any time. Assets with specific evidentiary value shall not be released until prosecution proceedings conclude.
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