https://www.taxtmi.com/caselaws?id=245776 Seized gold bars could not be released or sold for adjustment against tax liability before the assessment was completed under section 132B of the Income-tax Act. The provision allows seized or requisitioned assets to be applied only towards an existing liability or a liability determined on completion of assessment, and an existing liability means one already crystallised. The first proviso operates only where the assessee applies within time and satisfactorily explains the nature and source of acquisition to the Assessing Officer. As those conditions were not met, a direction to dispose of the asset outside the statutory framework was not warranted, and writ relief had to remain within the statute. en-us Wed, 26 Mar 2014 00:00:00 +0530 Sat, 21 Feb 2015 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245776 Seized gold bars could not be released or sold for adjustment against tax liability before the assessment was completed under section 132B of the Income-tax Act. The provision allows seized or requisitioned assets to be applied only towards an existing liability or a liability determined on completion of assessment, and an existing liability means one already crystallised. The first proviso operates only where the assessee applies within time and satisfactorily explains the nature and source of acquisition to the Assessing Officer. As those conditions were not met, a direction to dispose of the asset outside the statutory framework was not warranted, and writ relief had to remain within the statute. Case-Laws Income Tax Wed, 26 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245776