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of <h1>Adjustment of Seized Assets Against Tax Liabilities Under Section 132B Permitted Before Assessment Completion</h1> The circular clarifies that seized or requisitioned assets under Section 132 or 132A can be adjusted against tax liabilities prior to assessment completion. It addresses doubts about whether such adjustment requires completed assessment. The Board confirms that self-assessment tax under Section 140A qualifies as 'existing liability' under Section 132B, allowing tax authorities to recover admitted income tax from seized assets before assessment completion. This interpretation applies to cases under Chapter XIVB/Section 153A following the 2002 Finance Act amendment effective June 1, 2002.
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