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of <h1>CBDT Orders Review of Unreleased Seized Assets Under IT Act Section 132(1A), Deadline Set for Reports Submission</h1> The Central Board of Direct Taxes has observed an increase in requests for the release of seized assets, including cases where assets seized up to 20 years ago remain unreleased. To address this, the Board mandates a review of cases where assets seized during search and seizure operations or requisitioned under Section 132(1A) of the IT Act, 1961, have not been released or dealt with. Chief Commissioners of Income Tax are instructed to conduct this review and submit reports in stages, covering searches conducted up to April 1, 2002, with specific deadlines for each period. The Director of Investigation is tasked with ensuring adherence to the schedule.
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