Release of seized assets: disclosed property may be retained only against existing tax liability; remaining assets must be released. Assets held as disclosed in proceedings under section 132(5) may be retained and adjusted only against existing tax liabilities under clause (iii); any balance must be released unless the owner consents in writing to retention for adjustment against liabilities on regular assessment or reassessment. Such disclosed assets must not be retained against liabilities under clauses (ii) and (iia). If seized assets are shown to belong to a third person, the ITO should proceed under section 132(7) or release the assets immediately.
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: disclosed property may be retained only against existing tax liability; remaining assets must be released.
Assets held as disclosed in proceedings under section 132(5) may be retained and adjusted only against existing tax liabilities under clause (iii); any balance must be released unless the owner consents in writing to retention for adjustment against liabilities on regular assessment or reassessment. Such disclosed assets must not be retained against liabilities under clauses (ii) and (iia). If seized assets are shown to belong to a third person, the ITO should proceed under section 132(7) or release the assets immediately.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
