Seized Assets Can Offset Tax Liabilities and Penalties; No Return Before Penalty Imposition Required by Statute.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Return of seized assets - When statute recognizes the entitlement of the department to apply the asset seized towards the tax liability determined,which includes penalty, it is puerile to contend that the statute obliges the respondents to return the same on determination of the tax liability and before levying the penalty - HC....