Benami seizure procedure: serve notice by affixation, assess by best judgment, levy penalty and proceed to recovery promptly. Where unaccounted stocks are seized in benami or fictitious names, the territorial ITO must issue a notice under section 139(2) and serve it by affixation to the ITO notice board and relevant custodians. If there is no response, complete assessment under section 144 taking investment value as income invoking sections 68 and 69; initiate penalty proceedings with short notice and, after expiry, levy penalty. Issue recovery certificate to the TRO, attach bank deposits, and proceed to attach/auction seized assets. Maintain jurisdictional control and supervisory oversight by Director of Inspection/Commissioner.
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.
Benami seizure procedure: serve notice by affixation, assess by best judgment, levy penalty and proceed to recovery promptly.
Where unaccounted stocks are seized in benami or fictitious names, the territorial ITO must issue a notice under section 139(2) and serve it by affixation to the ITO notice board and relevant custodians. If there is no response, complete assessment under section 144 taking investment value as income invoking sections 68 and 69; initiate penalty proceedings with short notice and, after expiry, levy penalty. Issue recovery certificate to the TRO, attach bank deposits, and proceed to attach/auction seized assets. Maintain jurisdictional control and supervisory oversight by Director of Inspection/Commissioner.
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