TMI BlogApplication of retained assetsX X X X Extracts X X X X X X X X Extracts X X X X ..... the amount of the liability determined on completion of the regular assessment or reassessment for all the assessment years for which the net wealth referred to in clause ( i ) of that sub-section is assessable to tax (including any penalty levied or interest payable, in connection with such assessment or reassessment) and in respect of which the assessee is in default or is deemed to be in defau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by section 32, and the Assessing 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 to the Income-tax Act as made applicable to this Act by section 32. (2) Nothing contained in sub-section (1) shall preclude the recovery of the amount of liabilities aforesaid by any other mode laid do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... diately following the expiry of the period of six months from the date of the order under sub-section (5A) of section 37A to the date of the regular assessment or reassessment referred to in clause ( i ) of sub-section (1) or, as the case may be, to the date of the last of such assessments or reassessments.] -------------------- Notes:- 1. Inserted vide Direct Tax Laws (Ame ..... X X X X Extracts X X X X X X X X Extracts X X X X
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