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of <h1>Central Board of Direct Taxes: Guidelines on Releasing Seized Assets in Settlement Cases Under Sections 245C(1) & 245D(4).</h1> The circular from the Central Board of Direct Taxes addresses the release of seized assets other than cash in search and seizure cases. When an assessee files a settlement application under section 245C(1) and the Income Tax Settlement Commission issues a final order under section 245D(4), the department must review the seized assets. Only assets sufficient to cover liabilities under the Income-tax Act or Wealth Tax Act should be retained. Remaining assets should be released per section 132B(3), with approval from the Commissioner or Chief Commissioner of Income Tax. This instruction is for strict compliance by all relevant authorities.
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