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of <h1>Guidelines for Seizing Promissory Notes Under Income Tax Act, 1961, Section 132: Direct Payments to Tax Department Advised.</h1> The circular addresses the procedure for seizing promissory notes under the Income Tax Act, 1961, specifically section 132. It highlights the ineffectiveness of merely restraining lenders from parting with promissory notes, as lenders could still realize debts by issuing receipts. The circular suggests that if other tangible assets are available, contacting borrowers may not be necessary unless there is a risk of the demand becoming irrecoverable. It advises that orders should ensure borrowers pay the Income Tax Department directly instead of lenders. In certain cases, promissory notes can be seized, with provisions for monetary replacement before returning them to the assessee.
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