Retention and application of seized or requisitioned assets
X X X X Extracts X X X X
X X X X Extracts X X X X
....rial, other than books of accounts or documents, (hereinafter referred to as 'assets') seized under section 139 or requisitioned under section 140;or (b) by any other mode laid down under this Code. (2) The amount of any liability shall be the aggregate of - (a) the amount of any liability existing under this Code, the Income-tax Act, 1961, the Wealth....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e search, or the requisition, and till the date of release of the assets. (3) The Assessing Officer may recover the existing liability referred to in clause (a) of sub-section (2) and release the remaining portion of the asset, if any, within a period of one hundred and twenty days from the date on which last of the authorisations for search under section 139 was executed, to the person f....


TaxTMI
TaxTMI