Authorised officer conducting the search & seizure cannot retain the documents/ assets beyond 15 days and encash IVPs for adjustment against tax liability

Authorised officer conducting the search & seizure cannot retain the documents/ assets beyond 15 days and encash IVPs for adjustment against tax liability https://www.taxtmi.com/article/detailed?id=10115 An authorised officer must hand over seized assets and documents to the assessing officer within the statutory handover period; thereafter only the assessing officer may exercise powers to encash or appropriate assets. Encashments and adjustments made by the authorised officer after losing statutory competence are without authority and ineffective, requiring restoration of the prior status so that the competent assessing officer may reconsider claims under the tax settlement scheme in accordance with law. en-us Thu, 16 Dec 2021 09:41:51 +0530 Thu, 16 Dec 2021 09:41:51 +0530 TaxTMI RSS Generator Authorised officer conducting the search & seizure cannot retain the documents/ assets beyond 15 days and encash IVPs for adjustment against tax liability https://www.taxtmi.com/article/detailed?id=10115 An authorised officer must hand over seized assets and documents to the assessing officer within the statutory handover period; thereafter only the assessing officer may exercise powers to encash or appropriate assets. Encashments and adjustments made by the authorised officer after losing statutory competence are without authority and ineffective, requiring restoration of the prior status so that the competent assessing officer may reconsider claims under the tax settlement scheme in accordance with law. Articles Income Tax Thu, 16 Dec 2021 09:41:51 +0530 https://www.taxtmi.com/article/detailed?id=10115