https://www.taxtmi.com/acts?id=9543 Seized or requisitioned assets may be applied to discharge specified existing tax liabilities and liabilities determined on completion of the block-period assessment; money found may be applied immediately and other assets may be deemed under distraint and sold to recover outstanding liabilities. Where acquisition is satisfactorily explained, the Assessing Officer may limit recovery to the asset and release any remaining portion with prior Commissioner approval, subject to release within one hundred and twenty days from the last authorisation for search or requisition. Any surplus after discharge must be returned forthwith and the Central Government pays simple interest on amounts exceeding liabilities from the day after the 120-day release period until completion of the assessment. en-us Tue, 21 Oct 2008 13:48:46 +0530 Tue, 21 Oct 2008 13:48:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=9543 Seized or requisitioned assets may be applied to discharge specified existing tax liabilities and liabilities determined on completion of the block-period assessment; money found may be applied immediately and other assets may be deemed under distraint and sold to recover outstanding liabilities. Where acquisition is satisfactorily explained, the Assessing Officer may limit recovery to the asset and release any remaining portion with prior Commissioner approval, subject to release within one hundred and twenty days from the last authorisation for search or requisition. Any surplus after discharge must be returned forthwith and the Central Government pays simple interest on amounts exceeding liabilities from the day after the 120-day release period until completion of the assessment. Act-Rules F. Acts / Amendment Acts Tue, 21 Oct 2008 13:48:46 +0530 https://www.taxtmi.com/acts?id=9543