TaxTMI 
TaxTMI 
Search and Seizure Cases-Release of Seized Assets other than Cash
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....ommissioners of Income Tax (Central) All Directors General of income Tax (Inv./Intell.) Sir/Madam, Sub : Search and Seizure Cases-Release of Seized Assets other than Cash Reference is invited to Board's instruction No. 11/2006 in F.No. 286/138/2006-IT (Inv 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 rel....
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....ements contained in sub- section (1) of section 132B of the Income Tax Act (hereinafter called the 'Act'). (b) Where the seized asset are not released under sub-section (1) of section 132B of the Act, such seized assets should be released within one month of passing of the last search and seizure assessment orders u/s 153A/153C, 143(3), 148 or 158BC/158BD of the Act the seized assets should be r....
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.... be reviewed at the time of giving effect to the order of the CIT (Appeals) only 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 app....
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....acement of seized assets with cash also makes it easier for the Department to adjust this cash against tax liability. Hence, it has been decided that the seized assets can also be released at any time, with the approval of the CIT or CCIT provided that: (i) the assessee accepts unconditionally the ownership of the seized assets and also the valuation of the seized assets, determined at the time ....