https://www.taxtmi.com/circulars?id=9579 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. en-us Fri, 21 Dec 1984 00:00:00 +0530 Tue, 11 Mar 2025 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9579 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. Circulars Income Tax Fri, 21 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9579