Amendment of section 132B

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..... 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 shall be substituted. - Clause 33 of the Bill seeks to amend section 132B of the Income-tax Act relating to application of seized or requisitioned assets. The existing provisions contained in the af .....

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