Application of seized or requisitioned assets.

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.... of-- (a) any existing liability under this Act, or under the Income-tax Act, 1961 (43 of 1961) or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015); (b) any liability determined under this Act or under the Acts referred to in clause (a), up to the date of completion of the assessment or reassessment or recomputation in consequence to the sear....

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.... the following requirements:-- (a) satisfying himself about the nature and source of acquisition of any such asset; (b) recovering any existing liability referred to in sub-section (1); (c) obtaining prior approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner. (3) The assets referred to in sub-section (2) shall be released within one hu....

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.... and the recovery of any liability out of such assets shall be effected in the manner as prescribed. (6) The mode of recovery of liabilities under sub-section (1) shall not preclude the recovery of liabilities aforesaid by any other mode laid down in this Act. (7) Any assets or proceeds thereof, which remain after the liabilities referred to in sub-section (1) are discharged shall be forthwith m....