TaxTMI 
TaxTMI 
Application of seized or requisitioned assets
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....nt or recomputation] and the assessment of the year relevant to the previous year in which search is initiated or requisition is made, or the amount of liability determined on completion of the assessment under Chapter XIV-B for the block period, as the case may be] (including any penalty levied or interest payable in connection with such assessment) and in respect of which such person is in default or is ^10[deemed to be in default, or the amount of liability arising on an application made before the Settlement Commission under sub-section (1) of section 245C, may be recovered out of such assets]: ^3[Provided that where the person concerned makes an application to the Assessing Officer within thirty days from the end of the month ....
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....n from the ^9C[Principal Chief Commissioner or] Chief Commissioner or ^9A[Principal Commissioner or] Commissioner under sub-section (5) of section 226 and the Assessing Officer or, as the case may be, the Tax Recovery Officer may recover the amount of such liabilities by the sale of such assets and such sale shall be effected in the manner laid down in the Third Schedule. (2) Nothing contained in sub-section (1) shall preclude the recovery of the amount of liabilities aforesaid by any other mode laid down in this Act. (3) Any assets or proceeds thereof which remain after the liabilities referred to in clause (i) of sub-section (1) are discharged shall be forthwith made over or paid to the persons from whose custody the assets we....
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.... *************** NOTES:- 1. Substituted vide Section 57 of the Finance Act, 2002 w.e.f. 01-06-2002 before it was read as, "Application of retained assets. 132B. (1) The assets retained under sub-section (5) of section 132 may be dealt with in the following manner, namely :- (i) The amount of the existing liability referred to in clause (iii) of the said sub-section and the amount of the li­ability determined on completion of the regular assessment or reassessment for all the assessment years relevant to the previ­ous years to which the income referred to in clause (i) of that sub-section relates (including any penalty levied or interest payable in connection with such assessment or....
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....l Government shall pay simple interest at the rate of fifteen per cent per annum on the amount by which the aggregate of money retained under section 132 and of the proceeds, if any, of the assets sold towards the discharge of the existing liability referred to in clause (iii) of sub-section (5) of that section exceeds the aggregate of the amounts required to meet the liabilities referred to in clause (i) of sub-section (1) of this section. (b) Such interest shall run from the date immediately following the expiry of the period of six months from the date of the order under sub-section (5) of section 132 to the date of the regular assessment or reassessment referred to in clause (i) of sub-section (1) or, as the case may be, to the....
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.... 01-06-2013 8. Inserted vide Section 34 of the Finance Act 2013 w.e.f. 01-06-2013 9. Inserted vide Section 4 of the Finance (No. 2) Act 2014 w.e.f. 01-06-2013 9A. Inserted vide Section 4 of the Finance (No. 2) Act 2014 w.e.f. 01-06-2013 9B. Inserted vide Section 4 of the Finance (No. 2) Act 2014 w.e.f. 01-06-2013 9C. Inserted vide Section 4 of the Finance (No. 2) Act 2014 w.e.f. 01-06-2013 10. Substituted vide Section 34 of the Finance Act 2015 w.e.f. 01-06-2015 before it was read as, ""deemed to be in default, may be recovered out of such assets"" 11. Substituted vide Section 36 of the Finance ....