Amendment of section 132B

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..... moval of doubts, it is hereby declared that the "existing liability" does not include advance tax payable in accordance with the provisions of Part C of Chapter XVII.'. - Clause 31 of the Bill seeks to amend section 132B of the Income-tax Act relating to application of seized or requisitioned assets. The existing provisions of the aforesaid section 132B, inter alia, provide that the assets sei .....

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