Release of cash deposited in the PD Account.

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....yable in connection with such assessment. The balance, if any, remaining after such adjustment, has to be forthwith released to the person from whose custody such asset was seized in accordance with the provisions of Section 132B(3). On such release of money (lying in the PD Account), the Government is also under obligation to pay interest in accordance with the provisions of Section 132B(4). 2. Instances have come to the notice of the Board where cash deposited in the PD Account have not been released to the assessee even after several years of completion of assessment on the ground that the Department has preferred an appeal before the ITAT and higher appellate authorities and/or penalty proceedings, connected with the search and seizure....

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....ined to the satisfaction of the Assessing Officer, the seized cash should be released within the time limit provided under that section after adjustment of any existing liability. (b) Where seized cash or part thereof was not released under first proviso section 132B(1)(i), the amount lying in PD account should be released within one month of passing the (search and seizure) assessment order after - (i) adjusting the seized cash against any existing liability and the amount of liability determined on completion of the search and seizure assessment; and (ii) in cases where penalty proceedings, connected with such assessment, have been initiated, retaining out of the balance an amount to meet the expected liability on account of the pen....