Search and Seizure Cases-Release of Seized Assets other than Cash

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....II) dated 1.12.2006 wherein certain issues relating to the release of cash deposits in the PD Accounts were dealt with. In respect of release of seized assets, other than cash, there is need to modify the existing instructions for redressal of public grievances 2. In this regard, Board had issued directions vide F No.286/247/98-IT (Inv II) dated 02.02.1999 and F.No.286/97/2003-IT (Inv.II) dated 03.03.2004. In supersession of all instructions on the subject of release of seized assets, other than cash, the following instruction is hereby issued. In this instruction hereinafter reference to seized assets may be construed as reference to seized assets, other than cash. 3. (a) Where the nature and source of acquisition of seized assets is....

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....that part of the seized assets should be retained which is sufficient to meet the demand outstanding against the assesse for any assessment year (including non-search assessment years) after giving effect to order of the CIT(A) and the expected amount of penalty imposable on the search assessments as revised after appeal effect. The remaining seized assets should be released within one month after giving effect to appeal order u/s 250 of the Act, (d) The seized assets can also be released, at any time, with the approval of the Commissioner of Income Tax or Chief Commissioner of income Tax provided: (i) the assesse unconditionally accepts the ownership and the valuation of the seized assets determined at the time of search ....