Release of seized assets: retain only amounts needed to meet tax liability after Settlement Commission order, release the remainder. When a settlement application has been decided by the Income Tax Settlement Commission, seized non cash assets should be reviewed at the time the Commission's order is given effect; only assets sufficient to meet any residual Income tax or Wealth Tax liability after the order should be retained, and the remaining seized assets should be released under the statutory release procedure with the approval of the Commissioner or Chief Commissioner of Income Tax.
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: retain only amounts needed to meet tax liability after Settlement Commission order, release the remainder.
When a settlement application has been decided by the Income Tax Settlement Commission, seized non cash assets should be reviewed at the time the Commission's order is given effect; only assets sufficient to meet any residual Income tax or Wealth Tax liability after the order should be retained, and the remaining seized assets should be released under the statutory release procedure with the approval of the Commissioner or Chief Commissioner of Income Tax.
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