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Application of seized or requisitioned assets

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..... ted or requisition is made, or the amount of liability determined on completion of the assessment under Chapter XIV-B for the block period, as the case may be ] (including any penalty levied or interest payable in connection with such assessment) and in respect of which such person is in default or is 10 [deemed to be in default, or the amount of liability arising on an application made before the Settlement Commission under sub-section (1) of section 245C, may be recovered out of such assets]: 3 [Provided that where the person concerned makes an application to the Assessing Officer within thirty days from the end of the month in which the asset was seized, for release of asset and the nature and source of acquisition of any suc .....

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..... ioner under sub-section (5) of section 226 and the Assessing Officer or, as the case may be, the Tax Recovery Officer may recover the amount of such liabilities by the sale of such assets and such sale shall be effected in the manner laid down in the Third Schedule. (2) Nothing contained in sub-section (1) shall preclude the recovery of the amount of liabilities aforesaid by any other mode laid down in this Act. (3) Any assets or proceeds thereof which remain after the liabilities referred to in clause ( i ) of sub-section (1) are discharged shall be forthwith made over or paid to the persons from whose custody the assets were seized. (4) ( a ) The Central Government shall pay simple interest at the rate of 4 [ 5 [ one-half per .....

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..... .f. 1-6-2002. See rule 112C. Prior to its substitution, section 132B, inserted as section 132A by the Income-tax (Amendment) Act, 1965, w.e.f. 12-3-1965 and renumbered as 132B by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975, and later on amended by the Taxation Laws (Amendment) Act, 1967, w.e.f. 1-10-1967, Finance Act, 1972, w.e.f. 1-4-1972, Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984 and Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988/1-4-1989, read as under: 132B. Application of retained assets.- (1) The assets retained under sub-section (5) of section 132 may be dealt with in the following manner, namely :- (i) The amount of the existing liability referred to in clause (iii) of the said sub-secti .....

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..... all preclude the recovery of the amount of liabilities aforesaid by any other mode laid down in this Act. (3) Any assets or proceeds thereof which remain after the liabilities referred to in clause (i) of sub-section (1) are discharged shall be forthwith made over or paid to the persons from whose custody the assets were seized. (4) (a) The Central Government shall pay simple interest at the rate of fifteen per cent per annum on the amount by which the aggregate of money retained under section 132 and of the proceeds, if any, of the assets sold towards the discharge of the existing liability referred to in clause (iii) of sub-section (5) of that section exceeds the aggregate of the amounts required to meet the liabilities referred to .....

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