Recovery from seized assets can satisfy self-assessment tax under law on admitted income before assessment completion. The instruction clarifies that self-assessment tax on income admitted by a taxpayer is an existing liability and may be recovered by applying seized or requisitioned assets against that liability prior to completion of the formal assessment.
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.
Recovery from seized assets can satisfy self-assessment tax under law on admitted income before assessment completion.
The instruction clarifies that self-assessment tax on income admitted by a taxpayer is an existing liability and may be recovered by applying seized or requisitioned assets against that liability prior to completion of the formal assessment.
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