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of <h1>New Guidelines for Section 132(3) of Income Tax Act: Avoid Prolonged Asset Restrictions, Ensure Swift Investigations, and Review Orders.</h1> Section 132(3) of the Income Tax Act, 1961 allows authorized officers to prevent assessees from handling certain assets when seizing them is impractical. Concerns have been raised about prolonged orders causing losses and embarrassment. The guidelines specify that orders should not apply to perishable goods, require swift investigation of unexplained investments, and mandate the calculation of taxes and penalties. Assessees must provide an unconditional bank guarantee for the computed amount to release stock. If refused, section 175 should be invoked, and goods auctioned. All pending orders should be reviewed according to these instructions.
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