Guidelines for operation of orders u/s132(3).

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..... them. It has been represented to the Board that order u/s.132(3) are not lifted for considerable length of time causing avoidable loss to the assessees and embarassment to the Department. Particularly in case of stocks, the goods may deteriorate in value with the passage of time and on account of other innumerable factors. It should be appreciated that sec.132(3) can be invoked only as a short te .....

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..... guarantee the provisions of section 175 of the I.T.Act, 1961 should be invoked and the demand realised after auctioning the goods. All pending orders u/s.132(3) in regard to stock should be reviewed in the light of these instructions. The above instructions may be brought to the notice of all concerned. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management .....

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