https://www.taxtmi.com/circulars?id=68348 Seized non-cash assets must be released if the assessing officer is satisfied as to nature and source of acquisition, subject to recovery of arrears and statutory conditions. If not released under that provision, release within one month after final search assessment requires Commissioner approval, excluding portions sufficient to meet liabilities or anticipated penalties. Assets may be released earlier with Commissioner approval if the assessee accepts ownership and valuation and provides an unconditional irrevocable bank guarantee, or exchanges assets for equivalent cash deposited in the departmental PD account for adjustment against tax liability. Disputed or evidentiary items must be retained until final resolution. en-us Wed, 21 Jan 2009 00:00:00 +0530 Sat, 29 Mar 2025 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=68348 Seized non-cash assets must be released if the assessing officer is satisfied as to nature and source of acquisition, subject to recovery of arrears and statutory conditions. If not released under that provision, release within one month after final search assessment requires Commissioner approval, excluding portions sufficient to meet liabilities or anticipated penalties. Assets may be released earlier with Commissioner approval if the assessee accepts ownership and valuation and provides an unconditional irrevocable bank guarantee, or exchanges assets for equivalent cash deposited in the departmental PD account for adjustment against tax liability. Disputed or evidentiary items must be retained until final resolution. Circulars Income Tax Wed, 21 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68348