https://www.taxtmi.com/circulars?id=9196 Assets held as disclosed in proceedings under section 132(5) may be retained and adjusted only against existing tax liabilities under clause (iii); any balance must be released unless the owner consents in writing to retention for adjustment against liabilities on regular assessment or reassessment. Such disclosed assets must not be retained against liabilities under clauses (ii) and (iia). If seized assets are shown to belong to a third person, the ITO should proceed under section 132(7) or release the assets immediately. en-us Thu, 01 Jun 1978 00:00:00 +0530 Thu, 02 Jun 2011 18:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9196 Assets held as disclosed in proceedings under section 132(5) may be retained and adjusted only against existing tax liabilities under clause (iii); any balance must be released unless the owner consents in writing to retention for adjustment against liabilities on regular assessment or reassessment. Such disclosed assets must not be retained against liabilities under clauses (ii) and (iia). If seized assets are shown to belong to a third person, the ITO should proceed under section 132(7) or release the assets immediately. Circulars Income Tax Thu, 01 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9196