Seized Assets Can Offset Tax Liabilities and Penalties; No Return Before Penalty Imposition Required by Statute.

Seized Assets Can Offset Tax Liabilities and Penalties; No Return Before Penalty Imposition Required by Statute. https://www.taxtmi.com/highlights?id=3383 Return of seized assets - When statute recognizes the entitlement of the department to apply the asset seized towards the tax liability determined,which includes penalty, it is puerile to contend that the statute obliges the respondents to return the same on determination of the tax liability and before levying the penalty - HC en-us Wed, 11 Apr 2012 17:13:40 +0530 Wed, 11 Apr 2012 17:13:40 +0530 TaxTMI RSS Generator Seized Assets Can Offset Tax Liabilities and Penalties; No Return Before Penalty Imposition Required by Statute. https://www.taxtmi.com/highlights?id=3383 Return of seized assets - When statute recognizes the entitlement of the department to apply the asset seized towards the tax liability determined,which includes penalty, it is puerile to contend that the statute obliges the respondents to return the same on determination of the tax liability and before levying the penalty - HC Highlights Income Tax Wed, 11 Apr 2012 17:13:40 +0530 https://www.taxtmi.com/highlights?id=3383