Seized assets application: seized money and property may be used to meet tax liabilities; interest and release rules apply. Money and assets seized or requisitioned in the course of search and seizure are to be applied first to existing tax liabilities and liabilities determined on assessment or related proceedings (excluding advance tax); if money is insufficient, assets may be sold. A taxpayer may apply within thirty days for release of assets on proof of nature and source, and such assets must be released within 120 days from the last authorization. The government must pay prescribed simple interest where seized money, after permitted releases, is insufficient to meet those liabilities, running from the end of the 120 day period until completion of assessment or related proceedings.
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.
Seized assets application: seized money and property may be used to meet tax liabilities; interest and release rules apply.
Money and assets seized or requisitioned in the course of search and seizure are to be applied first to existing tax liabilities and liabilities determined on assessment or related proceedings (excluding advance tax); if money is insufficient, assets may be sold. A taxpayer may apply within thirty days for release of assets on proof of nature and source, and such assets must be released within 120 days from the last authorization. The government must pay prescribed simple interest where seized money, after permitted releases, is insufficient to meet those liabilities, running from the end of the 120 day period until completion of assessment or related proceedings.
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