Application of seized or requisitioned assets.

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....ility (other than advance tax ^1[payable under the] provisions of Part C of Chapter XIX) ^2[of this Act], the Income-tax Act, 1961 (43 of 1961), the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) and in respect of which such person is in default or is deemed to be in default; (b) the amount of the liability determined on completion of....

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....were seized, on an application made by the person concerned within thirty days from the end of the month in which the asset was seized, on fulfilment of the following requirements:-- (a) after being satisfied on the basis of explanation furnished by such person that the nature and source of acquisition of such assets is explained; (b) after recovering any existing liability refer....

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....liabilities referred to in sub-section (1), as remains undischarged, and shall be deemed to be under distraint as if such distraint was effected by the Assessing Officer or Tax Recovery Officer under authorisation from the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner under section 416(7) and the recovery of any liability out of such assets shall be e....

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.... if any, released under sub-section (2); C = the proceeds, if any, of the assets sold towards the discharge of the liability under sub-section (1); and D = the aggregate amount required to meet the liabilities referred to in sub-section (1). (9) The period referred to in sub-section (8) shall be from the date immediately following the expiry of one hundred and twenty days from....