Seized Cash Not Automatically Returned After 120 Days Without Assessing Officer's Liability Determination.

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....Seized cash cannot be automatically released after 120 days u/s 132B's second proviso. This proviso applies only after the Assessing Officer determines the existing liability and approves asset return. Without such determination, the second proviso does not apply. The first proviso lacks a timeline, while the second proviso requires the AO's assessment. Despite disclosures and applications, the AO did not decide on liability or asset return here. The High Court correctly held that Section 132B's second proviso does not mandate automatic release after 120 days. However, since cash was seized from petitioners' lockers after prior disclosure, authorities must decide on their application with a reasoned order within four weeks, potentially refunding with interest if the source is satisfactorily explained u/s 132B(4)(a)&(b).....