Adjustment of seized cash against tax liability payable on the income declared in the application submitted u/s.245C(1) before income Tax Settlement Commission (ITSC)

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....k. New Delhi, the 7th April 2014 To All Principal Chief Commissioners of Income Tax ( CCAs) All Directors General of Income Tax Sub : Adjustment of seized cash against tax liability payable on the income declared in the application submitted u/s.245C(1) before income Tax Settlement Commission (ITSC)-reg Sir/Madam. CBDT has received references from officers of the field formation seekin....

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.... or before the date of making the application and proof of such payment is to be attached with the application. Therefore, the amount payable in pursuance of an application before the ITSC cannot be termed as "existing liability". 3. As per sec. 132B, the raison d'etre for seizure of assets and retention thereon is to safeguard and secure the interest of Revenue upon formal assessment determinati....