Retention and application of seized or requisitioned assets.

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..... nafter referred to as "assets") seized under section 135 or requisitioned under section 136; or (b) by any other mode laid down under this Code. (2) The amount of any liability shall be the aggregate of — (a) the amount of any liability existing under this Code, the Income-tax Act, 1961, or the Wealth-tax Act, 1957, as they stood before the commencement of this Code, th .....

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..... ease of the assets. (3) The Assessing Officer may recover the existing liability referred to in clause (a) of sub-section (2) and release the remaining portion of the asset, if any, within a period of one hundred and twenty days from the date on which the last of the authorisations for search under section 135 was executed, to the person from whose custody the assets were seized, if — .....

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..... dy the assets were seized, any asset or proceeds thereof, which remains after the liabilities referred to in sub-section (2) are discharged. (6) The Assessing Officer may with the prior approval of the Commissioner release any seized or requisitioned asset (other than cash) before making assessment in consequence of search or requisition, if the concerned person deposits with the Assessing Of .....

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