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of <h1>Tax Department Guidelines for Releasing Seized Valuables Against Bank Guarantees: What Taxpayers Need to Know</h1> The circular outlines procedures for releasing valuables (other than cash) seized during searches against bank guarantees. Seized jewelry can be released if it has no evidentiary value for prosecution, provided the taxpayer submits an unconditional, irrevocable bank guarantee valid until assessment completion and tax collection. The guarantee must cover the full value of seized assets as determined by the Department. Release can occur even before tax returns are filed, and the taxpayer's purpose for requesting release (personal use or liquidity) is not considered relevant when determining eligibility for release.
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