https://www.taxtmi.com/caselaws?id=211791 Section 132B(1)(i) of the Income-tax Act, 1961 permits seized assets to be retained and applied against liability determined in search-related proceedings, including penalty or interest connected with the assessment. Where penalty proceedings are pending and the assessee is in default or deemed to be in default, payment of assessed tax and interest does not by itself require release of the seized property. The statutory basis for withholding the assets continues until the penalty liability is determined, so a claim for immediate release of the seized gold was not sustainable. en-us Fri, 24 Feb 2012 00:00:00 +0530 Wed, 11 Apr 2012 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211791 Section 132B(1)(i) of the Income-tax Act, 1961 permits seized assets to be retained and applied against liability determined in search-related proceedings, including penalty or interest connected with the assessment. Where penalty proceedings are pending and the assessee is in default or deemed to be in default, payment of assessed tax and interest does not by itself require release of the seized property. The statutory basis for withholding the assets continues until the penalty liability is determined, so a claim for immediate release of the seized gold was not sustainable. Case-Laws Income Tax Fri, 24 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211791