https://www.taxtmi.com/caselaws?id=271019 Section 132B(1)(i) permits seizure to be adjusted against liabilities, but its provisos require timely consideration of a release application and release where the assessee explains the nature and source of the assets to the Assessing Officer's satisfaction. The further proviso's 120-day limit for release of seized assets is a mandatory safeguard, not a directory guideline, because treating it otherwise would permit indefinite retention of property. As the release application was filed within time but decided more than one year later, the Assessing Officer failed to act within the prescribed period, and the impugned order was unsustainable; the seized cash had to be released with interest as per law. en-us Mon, 11 Jan 2016 00:00:00 +0530 Fri, 13 May 2016 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271019 Section 132B(1)(i) permits seizure to be adjusted against liabilities, but its provisos require timely consideration of a release application and release where the assessee explains the nature and source of the assets to the Assessing Officer's satisfaction. The further proviso's 120-day limit for release of seized assets is a mandatory safeguard, not a directory guideline, because treating it otherwise would permit indefinite retention of property. As the release application was filed within time but decided more than one year later, the Assessing Officer failed to act within the prescribed period, and the impugned order was unsustainable; the seized cash had to be released with interest as per law. Case-Laws Income Tax Mon, 11 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271019