https://www.taxtmi.com/manuals?id=1636 Money and assets seized or requisitioned in the course of search and seizure are to be applied first to existing tax liabilities and liabilities determined on assessment or related proceedings (excluding advance tax); if money is insufficient, assets may be sold. A taxpayer may apply within thirty days for release of assets on proof of nature and source, and such assets must be released within 120 days from the last authorization. The government must pay prescribed simple interest where seized money, after permitted releases, is insufficient to meet those liabilities, running from the end of the 120 day period until completion of assessment or related proceedings. en-us Mon, 17 Jul 2017 15:49:00 +0530 Wed, 28 Aug 2024 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1636 Money and assets seized or requisitioned in the course of search and seizure are to be applied first to existing tax liabilities and liabilities determined on assessment or related proceedings (excluding advance tax); if money is insufficient, assets may be sold. A taxpayer may apply within thirty days for release of assets on proof of nature and source, and such assets must be released within 120 days from the last authorization. The government must pay prescribed simple interest where seized money, after permitted releases, is insufficient to meet those liabilities, running from the end of the 120 day period until completion of assessment or related proceedings. Manuals Income Tax Mon, 17 Jul 2017 15:49:00 +0530 https://www.taxtmi.com/manuals?id=1636